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

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.