ASB lost mortgage market share in Dec quarter
The Commonwealth Bank of Australia-owned ASB Bank's share of the mortgage market fell in the December quarter.
Tuesday, April 1st 2008, 6:00AM
by Jenny Ruth
The bank's latest quarterly disclosure statement (GDS) shows its loans backed by residential mortgages grew by $790 million to $34.88 billion in the three months ended December. Using Reserve Bank figures as a proxy for the market, that puts its market share of home lending by registered banks at 23.81%, down from 23.9% in September and from 24% in December last year.In mid-February, the bank reported a 12% rise in net profit to $266 million for the six months ended December before accounting gains associated with the new IFRS accounting standards.
The GDS, released last week, shows net profit for the three months ended December, after those accounting changes, was up 5.9% to $143 million while net profit for the six months was up 6.8% to $267 million.
The bank also said in February that it had maintained its share of the home lending market. As it said then, its home loan book grew 11.9% (by $3.72 billion, the GDS shows) in the year ended December. However, total lending on housing by registered banks grew by $16. 91 billion, or 13.05%, to $146.5 billion, the Reserve Bank figures show.
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