Mortgage books grow
ASB and Sovereign report strong growth in the mortgage market.
Friday, August 22nd 2003, 7:37AM
“In the highly competitive home lending market the bank has increased its overall market share, both nationally and in the important Auckland market, advancing $6 billionn in home loans,” ASB says.
“The vibrant housing market had a material impact on the levels of lending achieved, and the personal banking division and associated ASB home lending brands increased assets by 18% to $16.0 billion.”
Meanwhile Sovereign says that home mortgage lending for the 12 months at $1.2 billion was up 55% on last year and total home mortgage lending at period end was $2.6 billion, up 30%.
“The provision of home mortgage lending is materially assisting Sovereign’s relationship with the country’s independent mortgage brokers and financial advisers, and their relationship with their clients,” it says.
Both companies announced their results last week, as their parent company, Commonwealth Bank of Australia, unveiled its annual result - a A$2.01 billion profit - 24% lower than in the previous year.
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