St George encourages investors
(Australia) - In a shareholders’ briefing in Melbourne yesterday, St George Bank’s Chairman Frank Conroy and CEO Gail Kelly encouraged shareholders to "stay with" the Bank for the ride as Australia’s number five bank looks for accelerated market share gain.
With a strategy focused on taking customers away from the four domestic majors and extending beyond in its core geography of New South Wales, the Bank remains confident in its organic growth delivering double digit earnings growth over the next three years. Banking analyst at JPMorgan, Brian Johnson, claims St George should now be seen by markets as part of Australia’s "big five" and no longer a regional bank.
East & Partners’ market monitors show St George continuing to grow share of relationships and share of wallet in the important middle commercial and SME markets, driven by strong customer relationship management programs. Growth in its home mortgage book is increasingly being delivered by broker channels, with broker originated mortgage business at March this year representing some 36 percent of total new mortgage business. The Bank continues to base its earnings forecasts on organic growth and reports no current appetite for acquisitions.
East & Partners’ market monitors show St George continuing to grow share of relationships and share of wallet in the important middle commercial and SME markets, driven by strong customer relationship management programs. Growth in its home mortgage book is increasingly being delivered by broker channels, with broker originated mortgage business at March this year representing some 36 percent of total new mortgage business. The Bank continues to base its earnings forecasts on organic growth and reports no current appetite for acquisitions.