ANZ Bank boosts NZ market share in 3Q as increased competition erodes margins

Fri, 17 Aug 2012

Aug. 17 (BusinessDesk) - Australia & New Zealand Banking Group grabbed more local market share in the third-quarter, though increased competition for loans and deposits took some of the steam out of its margins. The New Zealand unit, which is the country's biggest lender with the ANZ and National Bank brands, increased its income in the quarter, the bank said in a statement, without giving details. The Melbourne-based lender grew New Zealand net loans 1.4 percent in the nine months ended June 30, and raised its deposits 6.9 percent, which gr...

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