HSBC's net profit for the three months ended June jumped 87.5% to $9.4 million, bringing its six month net profit to $18.5 million, up 45.4% on the same six months last year.
The bank's mortgage book shrank to $2.1 billion at the end of June from $2.23 billion in March which meant its market share fell to 1.5% (using Reserve Bank figures as a proxy for the market) from 1.65% in March.
The size of HSBC's mortgage book will shrink dramatically in the current quarter because it sold nearly $700 million in AMP branded loans to the government's Kiwibank effective from July 1.
TSB Bank's net profit jumped 23% to $10.6 million in the quarter. Its mortgage book grew from $1.7 billion to $1.75 billion, maintaining its market share at 1.26%.
