ASB Bank FY13 profit rises 12 percent as wealth, insurance unit grows, costs contained

ASB Bank FY13 profit rises 12 percent as wealth, insurance unit grows, costs contained
By Tina Morrison Aug. 14 (BusinessDesk) – ASB Bank, the New Zealand unit of Commonwealth Bank of Australia, boosted full-year cash profit 12 percent as it grew its wealth and insurance business and kept a lid on costs. Cash profit, which excludes one-time items that don’t reflect the underlying business, rose to $699 million in the 12 months ended June 30, the company said in a statement. The bank’s wealth and insurance business posted income growth of 22 percent. “ASB’s strengthened performance over the past financial year was achieved agai...