Arrears jump 10% on Co-op Bank's $3b mortgage book

Arrears jump 10% on Co-op Bank's $3b mortgage book
(Image: NZME)
Riley Kennedy
The Co-operative Bank has had a 10% jump in arrears on its now $3 billion mortgage lending book, despite a 40% fall in arrears post 90 days.In the 12 months to the end of March, the bank reported a profit before rebates and tax of $20.2m, up from $18.5m.Profit after tax for the year was $12.7m, up from $11.4m.Net interest income increased 6% to $85.9m.Over the period, its mortgage book grew 8% to just over $3b from $2.78b in the year prior. Customer deposits grew 7% from $2.83b to $3.02b in the most recent year.Its...

More Economy

Our first Minister for Manufacturing just wants to get ‘stuff’ done
Economy

Our first Minister for Manufacturing just wants to get ‘stuff’ done

Will manufacturers get what they really, really want?

Jem Traylen 24 Jun 2024
Little reason to celebrate GDP data
Economy

Little reason to celebrate GDP data

NZ is no longer technically in a recession but quarter-on-quarter growth was only 0.2%.

Kaya Selby 20 Jun 2024
NZ economy grows a tad in March quarter
Economy

NZ economy grows a tad in March quarter

The GDP lifted 0.2% in March quarter. 

Staff reporters 20 Jun 2024
Current account deficit narrows
Economy

Current account deficit narrows

At 6.8% of GDP, the deficit was larger than the Reserve Bank and Treasury predicted.

Murray Jones 19 Jun 2024