Retail customers favour ANZ and Westpac

Thursday September 3, 2009

Continuing to flow of positive economic news, Australian retail customers put an extra $5.7 billion into their bank accounts in July, according to the Australian Prudential Regulation Authority's monthly banking data.

The data report catalogued how much retail customers put into their respective banks every month, with July figures showing that Westpac and ANZ were by far recording faster growth in this field than other Australian banks. In fact, ANZ and Westpac are reporting such figures that their growing deposits are climbing at over 15 per cent on an annualised basis. This figure is approximately double that of other big banks, the Commonwealth Bank and National Australia Bank.

Within the Australian retail banking market the individual banks results were as follows:

• ANZ Bank - current retail base of $59.3 billion after receiving an additional $1.3 billion in July. This is the third consecutive year that ANZ has been the fastest growing deposit-taker in Australia

• Westpac - over $100 billion in deposits from its personal customers with the month of July seeing Westpac branches take in $1.06 billion and $587 million via the acquired St George subsidiary

• Commonwealth Bank - while reporting lower growth figures with $816 million in new business in July, the Commonwealth Bank is still market leader with $139 billion in retail deposits. Commonwealth's subsidiary BankWest increased retail deposits by $266 million.

• National Australia Bank - has a current retail customer base of deposits of $55.8 billion with $986 million worth of new business in July.

Smaller banks recorded mixed results with ING posting $88 million of new business in July but still suffering from losing $100 million since January. Bendigo Bank has remained fairly strong being up from January at $1.2 billion, although it posted a $17 million loss for July.

Banks.com.au is a complete banking services information website, compare here to find out if you are getting the best deal on all your banks transaction accounts

Back to News Index | Back to Home