(31 October 2005 – Australia) Adelaide Bank is targeting five percent of the mortgage market in Australia by 2008.Speaking at the South Australian bank’s annual general meeting, managing director Barry Fitzpatrick said the mortgage market offered enough growth over the next couple of years for the bank to snare a larger stake.
He forecast the mortgage market would grow to A$870 billion by 2008, up from A$650 billion currently.
Adelaide has 2.2 percent of the mortgage market in Australia and grew its business lending by 6.3 percent last year.
Fitzpatrick said results in the first quarter of this year indicated the bank was on track to meet earnings forecasts with margin lending, business lending and portfolio funding all performing strongly.
Adelaide also forecast double digit earnings growth over the next three years.
The bank recorded a 19 percent net profit increase for financial year 2005.