ASB's loss on Aegis sale drags down first-half profit

By Jenny Ruth | Wed, 12 Feb 2020


ASB Bank's first-half net profit fell 5 percent, mostly reflecting a loss on the sale of its funds administration business and a flat underlying result.The bank reported a net profit of $599 million for the six months ended December, including a $28 million loss from selling Aegis last year, compared with $630 million in the same six months a year earlier.ASB said its owner, Commonwealth Bank of Australia, had invested a further $2.5 billion in common equity "in anticipation" of the Reserve Bank of New Zealand's additional capital requirements...