ASB Bank lifts annual earnings 5% as bigger loan book offsets skinnier margins

Tue, 09 Aug 2016

By Paul McBeth Aug. 10 (BusinessDesk) - ASB Bank boosted annual earnings by 5 percent as increased business and mortgage lending boosted the lender's income streams facing tighter margins in a highly competitive market. Cash profit rose to $908 million in the 12 months ended June 30 from $864 million a year earlier, ASB's parent Commonwealth Bank of Australia said in its accounts. Total banking income gained 6 percent to $2.14 billion with the bank's loan book expanding 5 percent to $72.32 billion from a year earlier. The bank took a $13...

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