Kiwibank Surges in Mortgage Market, Boosting Market Share

Kiwibank (NZX: KWB) significantly expanded its presence in the mortgage market, accounting for 19.2% of net new mortgage lending in the June 2024 quarter, raising its market share to 7.6%. This growth follows a $225 million capital boost from the sale of Kiwi Wealth. Kiwibank’s mortgage book increased to $26.95 billion by June 30, 2024, up from $24.55 billion a year prior. In contrast, ASB Bank's (NZX: ASB) market share dropped to 20.9%, and ANZ Bank (ASX: ANZ) also saw slower growth in lending. Meanwhile, Bank of New Zealand (NZX: BNZ) grew its mortgage lending faster than its market share, while Westpac (ASX: WBC) showed a more conservative approach in the latest quarter.

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