Westpac market share gains continue
Westpac continued to gain market share in the mortgage market during the March quarter following its significant gains in the December quarter, its latest general disclosure document shows.
Monday, May 28th 2007, 3:21PM
by Jenny Ruth
The bank's mortgage book grew $1.31 billion to $27.27 billion in the latest three months. Using Reserve Bank of New Zealand figures as a proxy for the market, that means it wrote nearly 26% of all mortgages written by registered banks in the quarter, lifting its market share to 20.3% from just over 20% three months earlier and compared with 19.5% in March last year.Kiwibank's mortgage book has also continued to grow, reaching $3.14 billion at the end of March, putting its market share at 2.3% compared with 1.9% in March last year.
ASB Bank, previously the biggest winner in the mortgage price war, lost ground for a second consecutive quarter. While its mortgage book grew $1.02 billion to $32.18 billion, its market share slipped slightly to 23.9% in March from 24% in December and in March last year.
ANZ/National Bank also lost a little market share although its mortgage book grew by $1.54 billion to $46.4 billion.
Bank of New Zealand, TSB Bank and HSBC have yet to file their March quarter documents.
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