TSB holds its market share

The bank's annual report shows its mortgage book grew $33.5 million to $1.53 billion over the quarter. Using Reserve Bank figures as a proxy for the market, that puts its market share at 1.29% little changed from the end of December but down from 1.31% in March last year when its mortgage book stood at $1.35 billion.

Net profit for the quarter grew 10.2% to $7.32 million, bringing the annual increase to 11.9% at $31.3 million. The December quarter increase had been just 6.4%. The bank has increased its profit in each of the past 19 years.

The bank's deposit base grew 10% to $2.36 billion over the year while total assets rose 11% to $2.6 billion.