Kiwibank near quadruples 2Q profit, mortgage book grew
Its latest disclosure statement shows Kiwbank's mortgage book grew by $260 million to $11.21 billion in the three months ended December, down from the $318 million growth in the September quarter and the $305.4 million growth in the June quarter.
“Front-end growth is actually increasing,” says chief executive Paul Brock. “We're seeing more debt repayment which is impacting the book.”
As the mortgage book matures, Kiwibank would expect to see more of its home loans amortising but the major impact is due to people reducing debt, he says.
Kiwibank's growth isn't just coming from market growth but reflects people switching from other banks, Brock says.
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