TSB's mortgage book stalls, SBS's book shrinks
Meanwhile, Invercargill-based community-owned SBS Bank's profitability and mortgage book shrank, reflecting the continuing impact of Christchurch's earthquakes.
TSB's mortgage book grew just $0.1 million to $2.43 billion in the three months ended December.
"We're seeing quite of lot of deleveraging taking place," says TSB managing director Kevin Murphy.
Competitive activity in the form of more and more incentives being offered borrowers and an increase in above 90% loan-to-valuation ratios (LVRs) lending was also limiting his bank's growth, Murphy says. TSB isn't lending at 90% or more LVRs except on government-backed Welcome Home Loans.
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