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Co-operative Bank grows mortgage book, gains new CEO

The Co-operative Bank's mortgage book grew by about the same as it market share in the March quarter while its profitability improved as charges against profit for bad loans receeded.

Wednesday, June 20th 2012, 4:42PM

by Jenny Ruth

The former PSIS also gained a new chief executive, Bruce McLachlan, who was previously a senior Westpac executive for the last 10 years, including nine months as acting chief executive and periods heading both the business and retail divsions.

"The potential of this business is huge," McLauchlan says, adding he really likes the fact the bank is a co-operative.

While Co-operative is clearly much smaller than Westpac, "a lot of the banking challenges are the same, regardless of scale."
The previous acting chief executive Gareth Fleming has returned to his role as marketing and products general manager.

The bank's March quarter disclosure statement shows the mortgage book grew by $9.4 million to $1.1 billion in the three months and by $54.4 million in the year ended March.

Using Reserve Bank figures as a proxy for the market, Co-operative's claimed 0.64% of mortgages written by registered banks at both March 31 and December 31.

The bank's loan-to-valuation ratios (LVRs) above 80% jumped sharply to 11.7% at March 31 from 7.03% at December 31 with most of that growth coming from loans with LVRs between 80% and 90%. The latter rose to $76.2 million at March 31 from $55 million at December 31.

Co-operative's net profit jumped to $2.26 million in the three months ended March 31 compared with $0.29 million in the same three months last year, although the costs of becoming a bank in October last year helped drag annual net profit down 20.1% to $5.59 million.

Charges against profit for bad loans fell to $0.6 million in the latest quarter compared with $1.9 million in the March quarter last year.

Net interest income fell 1.9% to $9.78 million in the latest three months and was down 7.l3% at $39.87 million in the year ended March.

 

« Bollard keeps rates on hold; OCR cut an outside chanceResimac and Loan Market launch NZ joint-venture »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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