ASB Bank’s second quarter profit was flat as losses on impaired loans charged to profit jumped while its mortgage book grew only slightly.

Property market and global market conditions have deteriorated significantly since its investors voted in favour of its debt restructure plan in early December, Hanover Finance said in its March investor update.

Reserve Bank governor disappointed those hoping for a bigger interest rate cut but still cut his official cash rate (OCR) to an historic low citing the very rapidly deteriorating world economy and extreme volatility in international financial markets.

ANZ National Bank appears to have all but closed up shop on the mortgage lending front.

Reserve Bank governor Alan Bollard will likely cut interest rates again on Thursday amid the intensifying global recession with the only debate being by how much.

Marac has benefited greatly from the government’s guarantee of its debentures but it won’t be facing a funding "cliff" once the guarantee expires.

Westpac New Zealand’s December quarter net profit again shrank slightly as charges for bad loans climbed and its share of the mortgage market slipped further.

Former NZMBA chairman Geoff Bawden’s aggregation group is about to re-brand with most its mortgage and insurance brokers agreeing to begin operating under the same brand name rather than their individual business names.

Kiwibank’s profitability and its mortgage book powered ahead in the December quarter.

The stock exchange-listed NZF Group is having to renegotiate its wholesale mortgage funding facility with Westpac early because international ratings agency Moody’s Investor Services lowered its rating of re-insurer Genworth Financial Australia.

Community trust-owned TSB Bank’s mortgage market share was little changed while net profit fell 6% in the December quarter, reflecting unrealised losses in the fair value of derivatives as a result of Alan Bollard slashing his official cash rate, as well as a slight increase in impairment provisions.

Economists are expecting a worsening global outlook will see Reserve Bank governor Alan Bollard slash rates again in March, the only question being by how much.

While its parent company has a debt problem, Fisher & Paykel Finance is flourishing since it received its government guarantee of its debentures.

AMP Financial Services’ New Zealand business lifted operating earnings 22% to $66.5 million in calendar 2008, attributing the rise to increased life insurance profits and cost control.

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.