Kiwibank grabs market share as Aussie banks shut shop

But the figures suggest Kiwibank can’t continue lending at such a rate unless the government gives it more capital. All of which suggests mortgages are going to me much harder to come by.

With all the banks having lodged their general disclosure statements (GDSs) for the quarter, the figures show Kiwibank accounted for a staggering 89.7% of new lending in the quarter, excluding the newly registered SBS Bank’s $1.63 billion mortgage book.

Without SBS, mortgage lending by registered banks rose $0.97 billion in the quarter and Kiwibank accounted for $0.87 billion of that. That was more than double its $0.42 billion mortgage lending in the September quarter.

That’s despite Kiwibank’s market share being just 4.32% at December 31, up from 3.8% three months earlier.