ANZ National Bank increase market share
ANZ/National Bank increased its share of the mortgage market in the September quarter, the first quarter it hasn't lost market share since the June 2006 quarter.
Wednesday, December 5th 2007, 5:01AM
by Jenny Ruth
Mortgage market share for rivals ASB Bank and Westpac, which has been gaining market share since the June quarter of last year, in the September quarter was steady.
ANZ/National Bank's latest general disclosure document (GDS) shows its mortgage book grew by $1.5 billion in the three months ended September, taking the total to $49.51 billion. That lifted its market share to 34.7%, using Reserve Bank figures as a proxy for the market, from 34.5% at the end of June. That's still down from 34.86% in September last year and down from 35.86% in June 2004.
ANZ/National Bank's profitability also improved sharply in the quarter, rising 19% to $320 million. Net profit for the year ended September was up only 9% to $1.17 billion.
ASB Bank's mortgage book grew by $790 million to $34.09 billion in the September quarter and its market share was steady at 23.9%. That's down from 24.13% in September last year. Its net profit grew 8.4% to $107 million in the quarter.
Westpac's mortgage book grew by $640 million in the September quarter to $28.99 billion, holding its market share steady at 20.3%. That compares with 19.52% in June last year.
Westpac's September quarter net profit was $98 million, taking its annual net profit to $446 million, up 2.5% from a year earlier.
| « Rate rise this week unlikely | OCR unchanged at 8.25% » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
