AXA New Zealand’s operating earnings drop 28% to $42.8 million in calendar 2008 as funds under management and new business fell.

The National Australia Bank-owned Bank of New Zealand’s net profit for the December quarter jumped 52%, partly on foreign exchange and interest rate trading gains, although its mortgage book and its share of the mortgage market shrank.

Bank of New Zealand’s net profit for the December quarter jumped 52%, partly on foreign exchange and interest rate trading gains, although its mortgage book and its share of the mortgage market shrank.

United Home Loans is unable to originate new mortgages because it hasn’t been able to find new funders to replace GE Money, its owner, Lombard Group, told the stock exchange late on Monday.

Bank of New Zealand’s asset quality is under pressure with the recession accelerating during the December quarter with unemployment rising, investment falling and business and consumer confidence at historic lows, its parent, National Australia Bank has warned.

Bank of New Zealand’s asset quality is under pressure with the recession accelerating during the December quarter with unemployment rising, investment falling and business and consumer confidence at historic lows, its parent, National Australia Bank has warned.

Reserve Bank governor Alan Bollard slashed interest rates by more than most had expected but few were surprise at the magnitude of the cut, given the deteriorating global outlook.

A number of the former Wizard Home Loans are working on forming a new mortgage broking group following Wizard’s owner GE Money’s decision late last year to pull out of New Zealand.

Economists are expecting another humungous cut in the official cash rate (OCR) on Thursday as the economic outlook continues to get murkier.

The New Zealand Mortgage Brokers Association has axed its first full-time chief executive as a cost-cutting measure.

Community trust-owned TSB Bank’s profit jumped 15% in the September quarter while its mortgage book was little changed.

Community trust-owned TSB Bank’s profit jumped 15% in the September quarter while its mortgage book was little changed.

Westpac New Zealand’s fourth quarter net profit shrank slightly as its provisions for bad debts rose and its share of the mortgage market also dipped.

The National Australia Bank-owned Bank of New Zealand’s (BNZ) share of the mortgage market apparently fell sharply in the September quarter but that reflects it reporting under the new Basel ll rules for the first time.

Even as Reserve Bank governor Alan Bollard reiterates last week’s message that lenders should be passing on his whopping rate cuts to their customers, some are still offering extremely high floating mortgage rates.

The HongKong & Shanghai Banking Corp’s New Zealand branch’s mortgage book continued to shrink in the September quarter, although its profitability increased strongly.