Macquarie plans to double mortgage market share

by AB04 Nov 2013

Macquaire hopes to almost double its share of the $1.3 trillion Australian mortgage market as the housing market steps up and lending conditions improve.

The bank’s CEO, Nicholas Moore, told The Australian that the bank has ‘aspirations’ to grow its share of the market to 2% - its share before the GFC - up from around 1.1% currently.

"We've been there before, in terms of it being 2%," he said.

"I think if you speak to the guys in the business, they certainly would have aspirations to be doing what they were doing before the crisis. That's a very natural position."

Macquarie posted a $501 million first-half profit on Friday and has almost doubled its mortgage book in the past year, rising to $8 billion from $4.5 billion a year ago.