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Kiwibank's profit surged and mortgage book growth accelerated in Sept

The government-owned Kiwibank's profit surged and growth in its mortgage book accelerated in the September quarter.

Friday, November 25th 2011, 10:44AM

by Jenny Ruth

Kiwibank, which doesn't want to comment on a quarterly result, reported a $17.6 million net profit for the three months ended September, more than double the $8.7 million in reported for the September quarter last year.

The latest quarter's profit compares with the Christchurch quake-hit $21.2 million net profit the bank reported for the year ended June.

Kiwibank's latest disclosure document shows net interest income rose 38.1% to $59.9 million in the September quarter while charges against profit for bad loans fell to $7.9 million from $9.5 million.

The document's loan-to-valuation ratio (LVR) table, the measure GoodReturns now uses because all the banks are now reporting it on the same basis, shows Kiwibank's mortgage book grew $318 million in the September quarter to $10.95 billion, up from the $305.4 million growth in the June quarter, $245 million in the March quarter and $194 million in the December quarter last year.

Using Reserve Bank figures as a proxy for the market, mortgage lending by registered banks grew by $577 million to $168.98 billion in the June quarter.

If the central bank's figures match those disclosed in all the banks' disclosure documents - Kiwibank is the third bank to have lodged its September document so far - that would put Kiwibank's market share at 6.5% and it would have accounted for 55.1% of new mortgage lending in the three months.

The LVR table shows 81.4% of Kiwibank's book had LVRs below 80% while 4.3%, or $465.4 million, had LVRs above 90% and $403 million of those loans were government-backed Welcome Home Loans.

« TSB lifts Sept Qtr profit, grows mortgage bookThe pros and cons of NZF's deal »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online ▲7.75 ▲6.65 ▲6.35 ▲5.99
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.10 6.09 5.69

Last updated: 20 November 2024 9:45am

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