CBA gains 9 percent from NZ assets as ASB lifts cash profit but Sovereign declines

Wed, 15 Aug 2012

Aug. 15 (BusinessDesk) - ASB Bank, the lender owned by Commonwealth Bank of Australia, had a 15 percent gain in cash profit, while associated insurer Sovereign had a 40 percent decline, giving Australia’s biggest bank an overall 9 percent gain in earnings from New Zealand. CBA’s cash net profit from New Zealand rose to $638 million in the year ended June 30, from $588 million a year earlier, the Sydney-based bank said in a statement to the ASX. Total operating income climbed 4.8 percent to $1.8 billion. Auckland-based ASB’s cash profit rose...

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