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

Wed, 14 Aug 2013

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...

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