Kiwbank's mortgage market share and profits keep growing

Kiwibank's latest general disclosure statement (GDS) shows its mortgage book grew $614 million in the three months ended September to $8.41 billion. The book grew $792 million in the June quarter while in the year ended September, the mortgage book grew $2.88 billion.

While the Reserve Bank's figures no longer correspond as closely to the data disclosed in banks' GDSs as they used to, until all the banks' documents for the quarter are available, they are the only figures available.

So according to the Reserve Bank's figures, Kiwibank's share of mortgages held by registered banks rose to 5.24% at September 30, up from 4.9% at June 30. Also using those figures, Kiwibank accounted for 40.1% of new lending by registered banks in the September quarter.

Kiwibank's net profit jumped 43.3% to $13.9 million for the September quarter, despite increased charges against profit for bad loans and despite net interest income falling 3.6% to $33.4 million.