ASB Bank profit jumps 12% in September quarter

Tue, 15 Nov 2016

By Edwin Mitson Nov. 15 (BusinessDesk) - ASB Bank's profit rose 12 percent to $260 million in the September quarter from $233 million a year earlier, as a lower official cash rate helped reduce the lender's funding costs. The interest ASB received from borrowers was down 4.8 percent to $1 billion as at Sept. 30 from $1.05 billion, but the amount paid to depositors and other funders dropped 12 percent to $541 million from $617 million. The OCR was lowered to 2 percent in August this year, while it was cut to 3 percent and then 2.75 percen...

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