2340 GMT - Australian bank mortgage spreads for newly acquired loans look to have stabilized, Macquarie analysts say in a note. While these trends look to be pointing to more consistent margins, putting them in line with banks' recent commentary, Macquarie says it still expects pressures due to term deposit book spread normalization, and the ongoing shift in mix from cheaper deposits to more expensive categories. ANZ is still taking share in mortgages as it expanded at around 1.5 times wider system growth, as CBA and Westpac grew at around 0.6 times. "While volume growth trajectory has converged in recent months, we continue to observe customers' responses to price and margin optimization efforts appear to be coming at the cost of market share losses," says Macquarie, which has an underweight view of the Aussie bank sector.(alice.uribe@wsj.com)
(END) Dow Jones Newswires
February 29, 2024 18:41 ET (23:41 GMT)
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