The figures aren’t the same as presented in the capital adequacy part of BNZ’s quarterly disclosure statements – the March statement won’t be published until June but the December statement showed BNZ’s on-balance sheet mortgages at $24.22 billion, down from $24.24 billion at September 30.
In its presentation slides, NAB said BNZ’s average mortgage size is $222,000 and its average loan-to-value ratio (LVR) at origination was 61.9% at March 31, down from 62.5% a year earlier. In its written commentary, NAB said the average LVR is about 55%. BNZ’s impaired loans amounted to only 0.43% of its mortgage portfolio at March 31 and loans more than 90 days past due accounted for 0.2%.
NAB estimates New Zealand housing loans will grow 2.8% in 2009 and 4% in 2010 following 7% growth in 2008 and 14% in 2007. Of the $5.9 billion commercial property portfolio, 12% is on residential property.
Overall, the current LVR of the commercial property portfolio is 48.4% in Auckland and 46.4% elsewhere. Average loan size is $3.1 million in Auckland and $2.1 million elsewhere. Impaired commercial property loans amounted to nearly 3% of the total in Auckland and 0.55% elsewhere with 1.94% more than 90 days past due in Auckland and 0.72% elsewhere.
Yesterday, BNZ reported a 3.8% fall in net profit to $400 million for the six months ended March.
