TSB's market share dips

Its September quarter disclosure statement shows its mortgage book grew from $1.39 billion at the end of June to $1.42 billion at the end of September.

Its market share slipped from 1.29% to 1.28% over the quarter and from 1.3% at the end of the March quarter, using Reserve Bank figures as a proxy for the market.

However, September quarter net profit jumped 18% to $8.6 million compared with the September quarter of 2004 after a 12.9% increase to $7.9 million in the June quarter. That brought its increase in net profit for the six months to 15.5% to $16.5 million.

TSB's total assets grew 11.8% to $2.45 billion during the half year.

TSB and the government-owned Kiwibank are the only locally -owned banks operating in New Zealand.