ANZ profit up, market share down
ANZ National Bank's profit jumped 19% in the December quarter but the bank continued to bleed a small amount of market share in the mortgage market, more than two years after ANZ took over National.
Thursday, March 2nd 2006, 6:59AM
by Jenny Ruth
ANZ took over National in October 2003.
Still, the bank's mortgage book grew $1.26 billion, or 3.27%, to $39.66 billion in the latest quarter and compared to $34.92 billion in December 2004. The overall market grew 3.66% to just under $115 billion in the December quarter.
The bank's net profit for the quarter rose to $274 million compared with $230 million in the December quarter of 2004. Of that increase, $15 million was a payment by National Bank's former owner, Lloyds TSB Group, relating to an adjustment in the purchase price.
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