ASB first-half profit rises 7% on lending, funds management, while loan impairments increase

By Fiona Rotherham Feb. 10 (BusinessDesk) - ASB Bank reported a 7 percent rise in first-half statutory net profit to $474 million following growth in funds management and lending while the amount set aside for loan impairments gained 11 percent. The bank, which is owned by Commonwealth Bank of Australia, reported a cash net profit after tax, it’s preferred measure as it removes one-off distortions, of $475 million for the six months ending Dec. 31, up 8 percent on the prior comparative period. ASB chief executive Barbara Chapman said N...