AMP Bank has reported growth of $1.1bn in its mortgage book during the calendar year 2011.
In its 2011 investor report released yesterday, AMP said that its banking arm had consistantly recorded above system mortgage growth of 0.8% per month last year, compared to market growth of 0.5%.
The $1.1bn increase in mortgages marked a 10% year-on-year increase in its mortgage book.
The banking division contributed $61m to AMP's company-wide operating earnings, up from $42m in 2010. Overall, AMP's entire business reported a net profit of $688m for 2011.
AMP said in its report that the growth in mortgages had largely been funded by an increase in deposits, which increased by $2.4bn (or 50%) during 2011.
The increase in AMP bank-related revenue was put down to an expansion in the net interest margin to 1.54% from 1.38% during the year, as well as its mortgage growth.
AMP BAnk has approximately 100,000 customers, and distributes directly and through third party mortgage brokers and financial planners. Its mortgages are 75% funded by on-balance sheet assets, and 25% by securitisation.
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