Macquarie, Investec, Rural Bank grow fastest in deposits

There are two phases to the credit shock, one getting on for two years old (sub-prime, Bear Stearns, BNP and the mess that followed) and then the Fannie, Freddie, AIG, Lehman collapse sequence that pulled down the entire investment banking industry and a couple of the top ten US banks.

These two phases are useful markers for judging progress and change in banking.

Using data on deposits published yesterday by the Australian Prudential Regulation Authority, the improvers in household deposits over two years are:

ANZ, with deposit growth of 43 per cent.

Commonwealth, up 33 per cent.

NAB, up 30 per cent.

And Westpac up 29 per cent.

BankWest produced growth rates two thirds of that of its new owner, CBA, at 23 per cent and 33 per cent.

St George tracked the growth rates of Westpac more closely at 25 per cent and 29 per cent.

Suncorp reported growth of 21 per cent.

The takeover of Home Building Society and the renewal of its core branch network generated reported growth of 111 per cent in household deposits over two years at Bank of Queensland.

The takeover of Adelaide Bank and the organic growth produced led to reported deposit growth for Bendigo Bank of 123 per cent.

Rural Bank chipped in with wholly organic growth of 115 per cent.

Investec reported two-year deposit growth of 121 per cent.

Macquarie, still a minor deposit taker, lapped the field with growth of 500 per cent, off a strangely low base.

These are all two-year trend figures.

Over the last couple of months deposit flows are in reverse for Bank of Queensland and Bendigo Bank. Trends are mixed at ING Direct, where household deposit flows are weak but business deposit flows are strong, perhaps thanks to self-managed super.