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

The bank's latest general disclosure document shows its share of the mortgage market dipped to 34.49% at the end of December from 34.62% at the end of September and 35.1% in December 2004, using Reserve Bank figures as a proxy for the market.

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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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

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