By Gareth Vaughan
TSB Bank's past due assets climbed in value by one-third in the six months to September last year, the bank's latest General Disclosure Statement shows.
Unaudited past due assets stood at NZ$25 million at September 30, up from an audited figure of NZ$18.8 million at March 31 and an unaudited NZ$19.3 million at September 30, 2009.
The NZ$6.225 million increase between March and September was the equivalent of 33%.
Of the NZ$25 million, NZ$10.3 million worth was more than 90 days past due, NZ$3.7 million 60 to 89 days past due and the remaining NZ$11 million worth was more than 30 days past due. The bank's total provision for impairment loss rose to NZ$17.1 million from NZ$16.8 million at March 31 although impairment losses charged to TSB's income statement fell to NZ$875,000 from NZ$4.5 million.
TSB's unaudited impaired assets stood at NZ$2.1 million at September 30, down from an audited figure of NZ$3.4 million at March 31.
TSB's total assets grew to NZ$4.48 billion at September 30 from NZ$4.4 billion at March 31. Total gross loans and advances to customers rose by nearly NZ$127 million to NZ$2.55 billion at September 30 from NZ$2.42 billion at March 31.
Meanwhile, TSB's profit for the three months to September fell by almost one-third to NZ$7.99 million from NZ$11.6 million in the same period of 2009. This comes after TSB's June 2010 quarter profit fell 42% due to lower income from derivatives and a one-off tax hit.
For the six months to September TSB's net interest income was down more than NZ$9 million from the same period of 2009 to NZ$46.95 million.
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