Banks see slowed YOY growth: APRA

The latest monthly authorised deposit-taking institution (ADI) statistics for February 2024 has revealed slowed loan book growth for Australia’s ADIs, according to the Australian Prudential and Regulation Authority (APRA).

The February 2024 total loan book was $2.17 trillion, up $5.6 billion (0.26 per cent) from January’s figure of $2.16 trillion.

Compared to the same period in 2023, this was down from the $6.4 billion (0.31 per cent) month-on-month growth.

Both owner-occupier and investor loan books reflected this slowed year-on-year growth. The figures for January to February 2024 revealed owner-occupier growth to $1.47 trillion, up by $4.7 billion (0.33 per cent) and investor growth to $697 billion, up $841 million (0.12 per cent).

The January to February 2023 figures stood at $5.1 billion or 0.37 per cent growth month on month for owner-occupier lending, while investor books grew by $1.2 billion or 0.18 per cent.

A look at the big 4

All four of Australia’s major banks recorded stable month-on-month growth during this period.

The Commonwealth Bank of Australia (CBA) maintained its top spot among its competitors, with its total loan book increasing by $1.3 billion (0.24 per cent) to $547 billion, up from $546 billion in January 2024.

CBA’s owner-occupier book grew by $1.01 billion (0.28 per cent) to $365 billion, up from $364 billion, while its investor loan book rose by $229 million (0.16 per cent) to $182 billion, up from $181 billion.

ANZ recorded the strongest percentage growth out of the big four banks for the second month in a row, with its total book increasing by 0.43 per cent (up by $1.25 billion) to $294 billion from approximately $293 billion in January.

ANZ’s owner-occupier mortgage book grew by 0.42 per cent (up $828 million) to $196 billion from $195 billion, while its investor book rose by 0.43 per cent (up $420 million) to $97.4 billion from $96.9 billion.

Meanwhile, NAB recorded the smallest overall monetary growth of all the major banks, with its total mortgage book increasing by $712 million (0.23 per cent) to $317 billion, with its owner-occupier book increasing by $390 billion (0.19 per cent) to $208 billion from $207 billion, and its investor book grew by 0.3 per cent ($322 million), remaining above $109 billion.

Westpac’s total mortgage book grew by $1.1 billion (0.24 per cent) during this period to $464 billion from $463 billion.

The major bank’s owner-occupier loan book rose by $998 million (0.33 per cent) to $306 billion from $305 billion during this period. Westpac also recorded the smallest monetary and percentage growth for its investor book, rising marginally by $98 million (0.06 per cent), remaining above $157 billion.

[RELATED: All major banks record resi loan growth: APRA]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

E-mail Adrian at: This email address is being protected from spambots. You need JavaScript enabled to view it.