It’s the biggest question in Australian banking: will Commonwealth Bank blink in the mortgage wars and respond to the sharp pricing on offer from the likes of ANZ ?that was a touch above market expectations despite below-sector growth in both mortgages and household deposits, chief executive Matt Comyn was standing his ground.
Speaking to Chanticleer from Dubai, where he is attending the International Monetary Conference, Comyn reiterated his view that mortgage pricing is unsustainable over the longer term.and ANZ in the wake of their full-year profit results – both are down more than 3 per cent in the past five days – as evidence investors have been surprised at the way net interest margins (the difference between the rate a bank lends and borrows at) have fallen so quickly as the benefits of interest rate rises have been rapidly competed away.While ANZ added $11 billion in net new home loans in the six months to September 30, earnings from the retail bank crashed 17.3 per cent compared to the six months of the financial year to March 31, and the retail division’s NIM plunged from
Source: News Formal (newsformal.com)
Commonwealth Bank Mortgage Pricing ANZ Market Expectations Below-Sector Growth
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