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Kiwibank aims to grow its share of the home loan pie

Wednesday, August 28th 2013, 10:57AM

Kiwibank made an after-tax profit of $97.1 million for the year ended June 30 2013, an increase of 22.8% over the previous year’s profit of $79.1 million.

In the last year, Kiwibank has increased loans and advances by 6.5% from $12.4 billion to $13.2 billion and increased customer deposits by 4.3% from $11.6 billion to $12.1 billion.

Kiwibank chief executive Paul Brock said there has been significant reduction of the bank’s provisioning for bad debts. Total provisions for impairment losses stood at $72 million as at June 30, compared to $91 million a year earlier.

Kiwibank continued to be a strong performer in the bank deposit market and customer deposits accounted for 84% of all bank funding.Kiwibank raised $150m of term subordinated debt during the year (in December), the first issue of Tier 2 qualifying securities in New Zealand under the Reserve Bank’s new Basel III rules.

In October 2012, Kiwibank’s credit rating was revised from AA- to A+ by international credit rating agency Standard & Poor’s. The accompanying outlook was initially stable, but downgraded to negative late in the financial year. The credit rating reflects the rating for New Zealand Post Group.
Again the year was characterised by a static home loan rate market with no changes to the Official Cash Rate.

Kiwibank and New Zealand Post continue to make progress on the project to enhance the look and service levels of the retail network and are well advanced with the transformation of the first group of shops on Auckland’s North Shore. A three year programme will change how both New Zealand Post and Kiwibank interact with customers.

Kiwibank continues to target growth in the personal retail banking market and is making strong growth in the SME (small and medium enterprise) business banking sector.  It is placing significant emphasis on the quality of its lending in this sector.

Particular highlights for Kiwibank in Canterbury are the rapid improvement in lending volumes and market share. “Residential lending performance has significantly improved.  The Canterbury region for Personal Markets drawdown volumes continued to accelerate hitting a new bank peak in June.  Growth in lending at Kiwibank in Canterbury now exceeds the estimated pre-quake growth rates with a clear re-emergence of consumer lending demand following contraction in the asset base over the 2011/12 financial year. “

« ANZ says speed bumps will slow the housing marketThree of seven plead guilty to mortgage fraud »

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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 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 ▼7.74 ▼7.35 ▼6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
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 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 12 June 2024 4:04pm

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