About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds Other Sites:   landlords.co.nz
Join our newsletter

Mortgage Rates Newsletter

Daily Weekly

sharemarket

TSB's profit surges, mortgage book grows

TSB Bank's December quarter net profit surged and its mortgage book continued to grow strongly.

Tuesday, March 2nd 2010, 9:23AM

by Jenny Ruth

TSB's December quarter general disclosure statement shows net profit in the three months rose 33.2% to $12.3 million, taking its nine-month profit to $41.6 million, up 23.6% on the same nine months a year earlier.

The quarterly increase was despite charges against profit for bad loans jumping to $1.26 million for the three months compared with just $110,000 in the previous December quarter, taking charges for the nine months to $2.55 million.

Net interest income grew 22.7% in the quarter and 19.7% in the three months.

TSB's mortgage book grew by $77.3 million to $2.12 billion in the quarter. Using the Reserve Bank's figures as a proxy for the mortgage market, TSB accounted for nearly 5% of new lending by registered banks in the quarter compared with its market share of just 1.31% at December 31.

About 15.7% of TSB's mortgage book, or $333.6 million, had loan-to-valuation ratios (LVRs) above 80% at December 31, up from 135% at September 30. Of those $158.1 million were government-backed Welcome Home Loans.

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to MortgageRates.co.nz go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

  
Latest News

Kiwibank cuts. Just BNZ to go

Bollard's departure sparks monetary policy debate

Bollard casts off from bank

ASB cuts 1 to 5 year fixed home loan rates

Bollard holds OCR steady as US Fed prompts currency jump

What Bollard said

 
Compare Mortgage Rates
Compare
from
to
for
To graph multiple lenders, hold down Ctrl key while clicking in list box
Include OCR

How to use this

Find a Mortgage Broker
  Add your company
Latest Trends
Future interest rate hikes softened

The Reserve Bank has kept the OCR at 2.50% as expected, but had lowered its forecast track for the 90 day bill rate by around 60 basis points (0.6%) to a peak of 4.30% by the end of next year.

For borrowers that means floating home loans are not forecast to rise as much as previously forecast. In June the expectation was that the rates would rise 2% in the next 12 months: that figure has now been wound back to 1.4%.

MORE »
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

Disclaimer: Every possible effort has been made to keep the information in the rates tables as accurate as possible, however, neither the publishers of Mortgage Rates nor anyone engaged to compile these tables accept any liability for inaccuracies or any loss suffered as a result. It is strongly advised that readers check loan details directly with the provider concerned.

© Copyright 2012 Tarawera Publishing Limited. All Rights Reserved.