0108 GMT - Pricing trends across mortgages and deposits at Australian banks remained broadly stable in March, which Macquarie analysts reckon leaves scope for better-than-expected short-term margins in upcoming results. Still, mortgage competition persists, and while wider system growth is stable, banks grew below system levels, says Macquarie. This could mean that non-banks took market share, which has been a recent trend. Apart from ANZ, which is outperforming peers on mortgage growth, trends have converged. CBA, NAB and Westpac are all growing at around 0.7X system, says Macquarie, adding that regional banks' momentum has also picked up. The investment bank stays underweight on the banking sector. (alice.uribe@wsj.com)
(END) Dow Jones Newswires
April 02, 2024 21:10 ET (01:10 GMT)
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