Mortgage News

SBS takes margin hit to keep mortgage rates down

Thursday 2nd of September 2010

The bank's bottom line slumped and its mortgage book also shrank slightly in the three months.

Chief financial officer Tim Loan says his bank had a "fantastic" year in the year ended March 31 so rather than worrying about bottom line profit it decided to return a "dividend" in the form of lower mortgage rates.

"We took that hit through our interest rate margin and that's an ongoin...

Want to read the full article?
Click the button below to subscribe and will have unlimited access to full article and all other articles on the site.