HSBC continues to lose market share

The Hongkong and Shanghai Banking Corp.'s New Zealand branch continued to lose market share in the mortgage market and its profits were down in the December quarter.

Thursday, April 6th 2006, 8:17AM
The bank's net profit for the quarter fell 11.6% to $3.78 million, although its annual result of $24.39 million was 4.4% ahead of 2004.

Its mortgage book shrank from $2.14 billion at the end of September to $2.12 billion at the end of December compared with $2.2 billion in December 2004. Its share of mortgages held by registered banks eased to 1.86% from 1.94% in September and from 2.24% in December 2004.

HSBC has been losing market share since it bought AMP's mortgage book in the June 2003 quarter.

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