ANZ boss David Hisco targets ongoing market share gains across the board

ANZ boss David Hisco targets ongoing market share gains across the board

By Gareth Vaughan

ANZ NZ CEO David Hisco says despite the bank's strong position in New Zealand banking, it has "only got 30%" market share meaning there's plenty of scope for growth.

Speaking to interest.co.nz after ANZ yesterday posted a 31% rise in half-year profit to $853 million, Hisco said the bank was getting to where management thought it could get to in terms of performance.

The ANZ group half-year results release included a list of markets where ANZ has grown market share. These showed mortgage market share up 22 basis points to 30.7%, total deposits share up 19 basis points to 28.6%, commercial lending share up 20 basis points to 29.8%, credit card share up 20 basis points to 26%, and KiwiSaver funds under management market share at 26%.

Hisco said there remained scope for more growth with the ANZ-National Bank merger well bedded in.

"We've only got a 30% share so there's still a lot of business out there that we don't have. And that's what we say to our staff. There's still plenty of people that don't bank with us so we've got plenty of work yet to do," said Hisco.

This is an abridged version of this article. The full version was published in our email for paying subscribers. See here for more details and how to subscribe.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

1 Comments

we like old school
We've only got a 30% share
surely means "shear" and with reference to "the clip"
"So we've got plenty of work yet to do,"
 
for example Long Blow ?                                               
The long blow is one of the easiest parts to shear, but hard to perfect.
 
©   Objectives
To shear account to the backbone and at least one blow over
©   Key Points
·       Start blows full and aim down slightly
·       Lay punter on front foot
·       Keep front foot under brisket, and contain punter’s both hands
·       Keep punter’s head down until near backbone
·        Step over when comfortable and a blow to the head is finished
·       Keep back foot forward of the rear and near the inside hip
·       When blows are near the punter’s backbone transfer more weight onto your back foot
·       Keep punter’s head high and near outside knee when shearing over backbone
 
 
however it is a truth. for those folk it appears it is grow, growth or perish...
 
in terms of our financial system (that seems to have been lifted)
perhaps an engineering (though not structured finance type) could be called upon:

Calculating the probability of system failure
Each duplicate component added to the system decreases the probability of system failure according to the formula:-

where:

  • – number of components
  • – probability of component i failing
  • – the probability of all components failing (system failure)

 
true, more banks (and parent type), not less, who would have of thought
 
QI: Appears that whats good for the component does not seem to be in best interest of the system?