TSB grows profits and mortgage book; HSBC's profit more than doubles

TSB's net profit for the three months rose 13.4% to $9.3 million, taking its net profit for the year ended March to $42.9 million , up 9% from the previous year.

Its charge against profit for impairment losses rose from $1.36 million December 31 to just over $3 million at March 31.

TSB's mortgage book grew by $40.5 million to $1.91 billion during the latest three months. Using Reserve Bank figures as a proxy for the market, that kept its market share steady at 1.2%.

TSB's loans with loan-to-value ratios (LVRs) below 80% accounted for 89.3% of its mortgage book. A further $62.9 million of mortgages are government-backed Welcome Home Loans, up from $50.8 million at December 31.