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ASB loses home loan market share

ASB Bank lost market share of the mortgage market in the December quarter, its first loss since the June quarter of 2003, although its net profit for the quarter jumped 21.6%.

Monday, April 9th 2007, 10:23PM

by Jenny Ruth

The bank's latest general disclosure document (GDS) shows net profit for the quarter rose to $135 million compared with $111 million in the same quarter of 2005.

Its mortgage book still grew by $1.03 billion to $31.16 billion but its market share eased from 24.13% in September to 24% in December. In June 2003, ASB's market share was 20.69%.

"We see this as a slight levelling off in that quarter," says ASB head of retail banking Ian Park. Given the bank's previous growth "and the strong competitive nature of the market, we are comfortable with our current growth levels," he says.

"Whilst we don't expect to rise every quarter, we have been delighted with our progress to date."

Park says that AC Nielson research published in December rated ASB as the mortgage provider most likely to be used.

"Interesting to note also that our March figures are looking very strong," he says.

HSBC's latest GDS makes it look like both its profit and its share of the mortgage market surged in the December quarter.

However, financial controller Craig Bell says that in prior periods HSBC has "incorrectly classified 'trusts and limited liability companies' as 'other assets,' which has distorted the reporting of its mortgage book.

HSBC's GDS shows December quarter net profit surged 59% to $8.8 million, bringing the annual increase to 17.7%. Bell says that $2 million of that increase represented the write-back of loss provisions made previously that weren't needed.

The GDS also shows its mortgage book jumped from $1.94 billion at the end of September to $2.32 billion in December, lifting its market share from 1.55% to 1.79%. HSBC has been losing market share every quarter since June 2003, when it was 3.82%, following its purchase of the AMP mortgage book.

HSBC is in the process of selling the remaining $720 million AMP book to the government-owned Kiwibank.

Bell says the trend in its mortgage book is still down.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 ▲2.99 ▲3.29
SBS Bank Special - 2.29 ▲2.49 ▲2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

Last updated: 12 April 2021 8:56am

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