ASB profit climbs 12% on higher interest earnings as Australian parent resets strategy

Tue, 07 Aug 2018

By Sophie Boot Aug. 8 (BusinessDesk) - ASB Bank, the local unit of Commonwealth Bank of Australia, lifted profit 12 percent as the local bank lifted its earnings from growing interest income and wider margins. Cash earnings, the favoured measure of the Australian-owned banks which strips out financial instrument adjustments, rose to $1.14 billion for the New Zealand unit in the year ended June 30, from $1 billion a year earlier. Statutory net profit jumped 10 percent to $1.18 billion, on growing operating income. The New Zealand lender...

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