ANZ National Bank increase market share
ANZ National Bank's core net profit rose and its share of the mortgage market increased in the December quarter.
Tuesday, February 26th 2008, 2:15AM
by Jenny Ruth
However, excluding the $79 million gain from selling FleetPartners and other one-off items in the year earlier period, the result was up 12%.
The bank's loans secured by residential mortgages grew by $1.51 billion to $51.02 billion during the three months. Using Reserve Bank figures as a proxy for the market, that shows ANZ National's share of bank lending on housing at December 31 rose to 34.8%, up from 34.7% three months earlier and from 34.6% in December 2006.
The bank says its market share is holding up well across the board with gains in consumer finance, rural and in the business markets too.
Its provision for credit impairment of $32 million, up from $25 million in the year-earlier quarter, but that's against total assets of $109.47 billion. "Customer arrears remain at very low levels, despite a modest upward trend in arrears in the quarter," the bank says.
"Overall, financial performance has been very solid in the face of slowing activity in the housing and consumer finance markets and the rising cost of funding due to turmoil in the global credit markets," says chief executive Graham Hodges. He expects a continued slowing in economic activity through 2008.
| « BNZ mortgage market shares steady in Dec quarter | Rates still on the rise » |
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