ASB outpaces market in mortgage growth despite profit dip

In the six months ended June 30, ASB lent $2.61 billion in net new mortgages, 26.1% of all mortgages lent by registered banks according to Reserve Bank data, taking the book to $81.4 billion (on-balance sheet mortgages).

The Reserve Bank’s bank financial strength dashboard put ASB’s mortgage market share at March 31 at 21.1% - the June quarter data is due to be released on Aug 25.

In the year ended June 30, ASB lent $4.89 billion on new mortgages compared with just over $1 billion the previous year.

ASB chief executive Vittoria Shortt said the result shows ASB has “strong momentum.”