Three banks increase mortgage stakes
Westpac continued to increase its share of the mortgage market and its profitability rose 15% in the June quarter.
Monday, September 3rd 2007, 7:34AM
by Jenny Ruth
Westpac's third quarter net profit rose to $138 million for the three months ended June compared with $120 million in the June quarter last year, its latest General Disclosure Document shows.
Westpac's mortgage book grew by $1.08 billion in the three months, taking its total book to $28.35 billion. Using the Reserve Bank's figures as a proxy for the market, that means it accounted for 23.2% of the total lending on housing by banks in the quarter.
That took its market share to 20.35% at the end of June from 20.24% at the end of June and 19.52% at the end of June last year.
ANZ/National's net profit fell to $213 million for the June quarter compared with $283 million for the June quarter last year. It's net profit for the nine months ended June was up 5.6% to $848 million. ANZ/National said the nine-month result included nearly $1.3 billion in provisions after what it said were "unsustainably low provisioning charges" in the previous June quarter.
ANZ/National's mortgage book grew by $1.68 billion to $48.01 billion in the latest three months, taking its share of total bank lending on housing to 34.46%, up from 34.43% three months earlier and compared with 34.99% in June last year.
| « BNZ mortgage market share slips | Kiwibank profit growth slows but mortgage market share rises » |
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