Friday, December 29, 2006

Banking Figures Released

The Australian Prudential Regulation Authority (APRA) has released October 2006 mortgage data. On 28 December 2006 it was confirmed that the Westpac Banking Limited (ASX:WBC) has surpassed the National Australia Bank Limited (ASX:NAB) to become Australia's second-largest home loans provider.

NAB's market share declined to 18.01 per cent in October, which is substantially lower than its market share of 18.87 per cent in April 2006. Commonwealth Bank (ASX:CBA) remains Australia's leading home lender at 22.91 per cent, up from 22.87 per cent previously.

The other banks gained ground in credit cards, with Westpac rising to 22.75 per cent, from 22.51 per cent, and ANZ Bank Limited (ASX:ANZ) increasing to 20.4 per cent.

Banking is going to be a profitable industry for quite a while but you need to get in when they are cheap and that certainly is not now. Banks are dependable shares and are good for writing naked puts and covered calls over (providing it is done safely and with the intention of owning the share for a long period).

Good Luck Investing.

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