ASB and Kiwibank winners of mortgage market war

ASB Bank and the government's Kiwibank continued to be the clear winners of the mortgage market war during the September quarter of 2006 while the instigator of the war, Bank of New Zealand, continued to lose market share although its mortgage book still grew.

Friday, January 12th 2007, 11:06AM
by Jenny Ruth

Based on figures from the seven mortgage lending banks' general disclosure documents, ASB's market share rose to 24.13% from 24.07% at the end of June and from 23.74% at the end of September 2005.

A percentage point of the mortgage market is now worth $1.25 billion.

The value of ASB's mortgage book rose by nearly $1 billion to $30.13 billion during the latest three months while it rose $4.02 billion during the year ended September 2006.

ASB's net profit rose 8.5% to $115 million in the latest quarter.

Kiwibank's market share rose to 2.19% from 2.07% at the end of June and 1.65% at the end of September 2005, its mortgage book growing from $1.81 billion to $2.73 billion during the year. Its net profit for the latest quarter jumped 137% to $5.3 million.

BNZ's market share eased to 16.36% from 16.41% at the end of June and from 16.46% at the end of September 2005. Its mortgage book rose from $18.11 billion at the end of September 2005 to $20.43 billion in September 2006.

BNZ's net profit for the September quarter rose 9% to $157 million, bringing its annual result up 15.2% to $605 million.

Among the other banks, Westpac gained market share in the September quarter, from 19.52% at the end of June to 19.63%, while ANZ/National continued to lose some, from 34.99% to 34.86%, as did HSBC, from 1.67% to 1.55%.

ANZ/National's mortgage book remains the largest at $43.53 billion, up from 42.4 billion at the end of June..

Westpac's net profit for the quarter was unchanged at $152 million, ANZ/National's rose 12.6% to $269 million and HSBC's rose 16.7% to $7.21 million.

TSB Bank's market share was steady at 1.28% while its net profit for the three months ended September rose 7.9% to $9.28 million.

« Rates rise over ChristmasInternational forces driving rate increases »

Special Offers

Commenting is closed

www.GoodReturns.co.nz

© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved