ASB still a market share winner

By Jenny Ruth

Wednesday 15th December 2004

ASB Bank was again the biggest winner in the September quarter in the war for market share of the mortgage market, although the pace of its gains is slowing.

Bank of New Zealand has also gained market share, apparent proof that its anti-mortgage broker campaign doesn�t seem to have hurt it any.

Kiwibank also continues to increase its market share. ANZ/National Bank continued to lose market share in the quarter but is slowly improving its position. And Westpac Bank continues to grow at about the same pace as the market overall.

ASB Bank�s latest disclosure document shows it had $21.7 billion in loans secured by residential mortgages at September 30, up from $20.9 billion three months earlier.

Using Reserve Bank figures on the size of the mortgage market, that gives ASB 22.3% of the market compared with 22.1% at the end of March.

The central bank�s figures now include figures for Superbank, which hasn�t yet released its September quarter disclosure document, and Kookmin Bank and for Australian wholesalers AMS and Interstar.

The four added about $1.5 billion to the total mortgages outstanding at the end of September.

ASB also grabbed 24.3% of new lending in the September quarter.

BNZ�s disclosure document shows its mortgage book grew by $573 million to $15.4 billion in the quarter, lifting its market share to just over 15.8% from 15.76% at the end of June.

BNZ�s share of new lending was 17.9% in the September quarter.

Kiwibank�s mortgage book grew by $151,000 to $1.17 billion in the quarter, lifting its market share to 1.2% from 1.08% at the end of June. It won 4.7% of new lending in the quarter.

ANZ/National Bank�s market share slipped from 35.1% at the end of June to 34.7% at the end of September.

Nevertheless, its mortgage book grew $746,000 to $33.76 billion during the quarter with its share of new lending rising to 23.6% of the September quarter total compared with 19.3% in the June quarter.

The Reserve Bank figures show the overall market grew 3.4% in the September quarter and by 16.5%, or $13.8 billion, in the year ended September.

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