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TSB grows loan book on higher LVR business

TSB Bank's mortgage book resumed its above-system growth in the March quarter with most of its growth coming from loans with loan-to-valuation ratios (LVRs) between 80% and 90%.

Tuesday, June 5th 2012, 6:00AM

by Jenny Ruth

The LVR table in TSB's March quarter disclosure statement shows its mortgage book grew by $19.4 million to $2.45 billion in the three months after growth of just $0.1 million in the December quarter. In the year ended March, the book grew by $84.2 million.

Assuming Reserve Bank data is a good proxy for the figures shown in banks' disclosure statement, that means TSB's share of mortgages written by registered banks rose to 1.44% at March 31 from 1.43% at December 31 and compared with 1.41% at March 31 last year.

TSB's mortgages with LVRs of 80% or below accounted for 79.8% of its book, down from 80% three months earlier after increasing $5.2 million in the March quarter. Mortgages with LVRs between 80% and 90% grew by $10 million in the latest three months and accounted for 7.8% of the book, up from 7.7% at December 31.

TSB's net profit in the three months ended March rose 7.l% to $10.9 million, taking annual net profit to $47.8 million, up 20% on the previous year. Charges against profit for bad debts eased to $0.4 million in the latest quarter from $1.5 million in the March quarter last year but that improvement was offset by a 34.9% jump in operating expenses to $14.2 million.

Net interest income rose 20.4% to $26.6 million in the quarter and was up 11.2% to $103.1 million in the year ended March.

« Westpac's mortgage book resumed aggressive growth in March QtrWestpac says empowering front-line staff fuels mortgage book growth »

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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 7.49 5.65 5.55 5.55
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 6.02 5.79 5.69

Last updated: 20 November 2024 9:45am

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