ASB lifts annual earnings 11%, helping drive CBA growth

Tue, 12 Aug 2014

By Paul McBeth Aug. 13 (BusinessDesk) - ASB Bank lifted its annual cash profit 11 percent as it boosted mortgage and business lending, helping drive growth for parent Commonwealth Bank of Australia, while insurer Sovereign's earnings edged up 3 percent. CBA's New Zealand banking unit increased cash profit to $776 million in the 12 months ended June 30 from $698 million a year earlier, on a 10 percent increase in net interest income to $1.5 billion, the Sydney-based lender said in a statement. Meantime, Sovereign's annual cash profit rose...

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