ANZ is now the country’s third-biggest lender to households, boosted by the acquisition of Suncorp’s bank this week.
NAB grew its mortgage book slower than the broader system for an eighth-straight month in June, lending data shows. Its market share of 14.46 per cent is its lowest since September 2021.
In a note to staff this week, ANZ chief executive Shayne Elliott said the company was “welcoming around 3000 colleagues and 1.2 million customers”.Angus Gilfillan, co-founder of digital mortgage broker Finspo and a former NAB executive, said that “no lender really wants to be the fourth-biggest”. Mr Gilfillan said that NAB had “only grown above market once over a month in the last two years”, as it steps away from margin-eroding competition to preserve profits.
through the broker channel, which was responsible for two out of every three new mortgages. It is allocating capital to other areas of the business, where returns are superior.Mr Irvine said the “personal bank is a very core part” of the business, but added, “the returns and some of the product lines in there are not where we would want them to be, and as good stewards of our shareholders’ capital, we’ve … pulled back from some of the less profitable areas”.
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