ASB admits advisers don't like its pricing

ASB's latest financial results showed it effectively shut up shop on mortgage lending in the six months ended December.

Its half-yearly disclosure statement showed its on-balance-sheet mortgage book shrank by $518 million between June 30 and Dec 31 last year after growing by $674 million in the previous six months.

Year-on-year, the on-balance-sheet book was $156 million higher at $75.51 billion at Dec 31.

Shortt told TMMOnline that banking-system-wide mortgages grew 2% in the period. (Shortt was rounding the data because RBNZ data shows net new mortgage lending grew $5.18 billion, or 1.5%, in the six months ended December.)