ANZ grows mortgage book after sluggish quarters
ANZ Bank's mortgage book appears to have grown strongly in the March quarter after a number of quarters of very sluggish growth and its profitability soared.
Monday, May 23rd 2011, 8:52AM
by Jenny Ruth
ANZ's March quarter disclosure statement for its ANZ National Bank New Zealand subsidiary shows its mortgage book, including off-balance sheet ones - generally those approved but not drawn down - grew by $851 million to $46.94 billion in the three months.
While the overall picture of ANZ's New Zealand activities won't be known until it releases the disclosure statement for its New Zealand branch, the subsidiary's statement shows the branch held a further $9.99 billion in mortgages at March 31, down from $10.34 billion at December 31 last year.
That suggests the bank's overall mortgage growth in the quarter was $502 million - for the December quarter, ANZ's two statements showed only a minor discrepancy between figures derived this way and those disclosed in the branch's statement.
By the same measure, Westpac, the only other bank to have lodged its statement for the March quarter so far, grew its mortgage lending by $203 million to $39.95 billion.
ANZ National had $5.56 billion in off-balance sheet mortgages at March 31 compared with $5.53 billion at December 31 last year.
Its net profit for the quarter jumped to $233 million, up 87.9% from $124 million it reported in the March quarter last year.
The increase reflected a 71% drop in charges against profit for bad loans to $49 million from $169 million in the previous March quarter and a 7.5% increase in net interest income to $627 million from $583 million previously.
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