Kiwibank grows mortgage book 2.7 times faster than market
The government-owned Kiwibank grew its mortgage book by $2.48 billion in the year ended June with growth accelerating from $1.19 billion in the first half to $1.29 billion in the second half, even as the Reserve Bank maintained interest rates at 16-year highs.
Total net lending grew $2.8 billion, or 9.3%, to $32.4 billion.
The bank's net profit for the year ended June rose 15.4% to $202 million with net interest income growing 3.8% but charges against profit for bad debts fell to $24 million from $37 million the previous year.
The bank's net interest margin (NIM) fell 10 basis points to 2.38% - the other bank with a June 30 balance date, ASB, reported NIM of 2.24% at June 30 and its mortgage book grew by just over $1 billion in the year, even though it is almost three times larger than Kiwibank by total assets.
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