Coronavirus

ASB triples bad debt charges as covid looms over loans

Jenny Ruth
Wed, 12 Aug 2020

ASB Bank's annual net profit fell 25 percent as the lender almost tripled charges for bad debts to $306 million to reflect its current view of the coronavirus crisis's impact. The bank's parent, Commonwealth Bank of Australia, charged A$2.52 billion against its profits to account for the covid-19 impact, although its statutory net profit rose 12.4 percent to A$9.63 billion. ASB's net profit of $958 million for the year ended June 30 compared with the previous year's $1.27 billion. The bank didn't say how much of the bad debt charges were...

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