ASB drives first-half earnings growth for CBA’s NZ units

Tue, 11 Feb 2014

Feb. 12 (BusinessDesk) - ASB Bank drove growth in first-half earnings for Commonwealth Bank of Australia’s New Zealand businesses, with wider interest margins and gains in home loans, offsetting deteriorating claims at its Sovereign insurance unit. CBA lifted cash profit from its New Zealand businesses to $433 million in the six months ended Dec. 31, from $389 million a year earlier, the Australian bank said in its first-half report. Of that, ASB contributed $393 million, up from $352 million in 2012, while Sovereign’s earnings fell to $40 m...

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