Superbank's figures get loose

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Figures on Superbank’s progress revealed by its Australian parent St George Bank at a press conference in Sydney last week suggest a definite appetite for alternatives to the main stream banks.

Wednesday, November 10th 2004, 3:43AM

by Jenny Ruth

After launching its home loans offer on July 18, Superbank’s mortgage book at grown to $46 million by September 30.

That’s somewhat faster growth than the government’s Kiwibank experienced in its early stages.

It launched in February 2002 and by June 30 that year its mortgage book had reached $43 million.

By mid-September that year, Kiwibank was claiming more than $100 million in mortgages.

By the end of June this year, Kiwibank’s mortgage book had grown to $1.02 billion giving it a 1.1% market share.

It appears Superbank is doing more valuable business. Its average $220,000 per mortgage compares with Kiwibank’s $133,395 average mortgage balance.

Superbank’s deposits at September 30 totalled $328 million – it started taking deposits in early 2003. Superbank is a joint venture between St George and Foodstuffs, which operates the Pak’ N Save, New World, Four Square and Write Price supermarkets.

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