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

Reserve Bank governor Alan Bollard met the most extreme expectations in slashing interest rates, citing ongoing financial market turmoil and the deteriorating global economy.

Kiwibank and ASB Bank between them accounted for nearly 82% of the growth in mortgage lending by registered banks in the September quarter, although both saw profitability slip in the three months.

A majority of economists now expect a whopper of a rate cut when Reserve Bank governor Alan Bollard delivers his latest monetary policy statement on Thursday.

New Zealand’s largest bank, ANZ National Bank, saw its fourth quarter profits slump sharply as its provisions for impaired loans nearly doubled in the three months ended September.

Reserve Bank governor Alan Bollard is almost universally expected to slash rates again in December by at least the same magnitude as October’s unprecedented cut reflecting the increasingly gloomy global growth outlook and the collapse of inflation domestically.

Reserve Bank governor Alan Bollard cut interest rates by an unprecedented amount citing ongoing global financial market turmoil and a deteriorating outlook for world growth.

Reserve Bank governor Alan Bollard is likely to cut interest rates by an unprecedented amount next week to counter continuing turmoil in financial markets and the rapidly deteriorating global economic outlook.

Reserve Bank governor Alan Bollard is likely to slash interest rates hard again later this month because of the impact the global credit crunch is having.

The New Zealand Shareholders’ Association is seeking support from Geneva investors to oust three directors and to replace them with its own nominees including association chairman Bruce Sheppard.

The New Zealand Shareholders’ Association is seeking support from Geneva investors to oust three directors and to replace them with its own nominees including association chairman Bruce Sheppard.

Reserve Bank governor Alan Bollard surprised the market with a bigger-than-expected interest rate cut, citing a marked slowdown in household spending and a deteriorating global economy.

Reserve Bank governor Allan Bollard is widely expected to cut interest rates again on Thursday with the inflation outlook having improved but the outlook for global economic growth deteriorating.

New Zealand's largest bank, ANZ National Bank's profit grew strongly during the June quarter although its share of the mortgage market slipped.

Kiwibank continues to increase profits and gain market share in the mortgage market, although it describes the economic environment as "challenging."

TSB Bank's net profit rose strongly in the June quarter, as did its deposit book, but its mortgage book shrank slightly.