(2nd December 2003 – Australia) Adelaide Bank has tipped post double-digit growth for FY 2004, saying it is on course to “comfortably achieve” asset growth of 15 percent next year and beyond.Chief executive Barry Fitzpatrick said at mid-November, loan approvals for the financial year were up $2.7 billion, or 38 percent on the previous year, with the average size growing 16 percent to just over $200,000.
He said latest statistics for the quarter ended September showed Adelaide Bank’s national share of mortgage loan approvals had risen to 2.5 percent from 2.1 percent the previous quarter.
“The extra market share translates into an additional $90 million of loan approvals per month,” Fitzpatrick said.
“Retail funds have grown $263 million year-to-date, lifting total retail deposits by four percent and we’d expect that positive trend to be at least maintained for the balance of this year,” he said.