CBA's ASB full-year profit rises 13% on smaller impairments; Sovereign attracts suitor

Paul McBeth
Tue, 08 Aug 2017

By Paul McBeth Aug. 9 (BusinessDesk) - Commonwealth Bank of Australia's New Zealand earnings were boosted by a 13 percent gain in ASB Bank's cash profit as the kiwi lender benefited from smaller charges on bad debt and stripped out costs to keep on top of shrinking interest margins.  ASB's cash profit, lenders' favoured earnings measure, rose to $1.03 billion in the 12 months ended June 30 from $914 million a year earlier, as impairment charges almost halved to $69 million, and net interest earnings gained 5.1 percent to $1.85 billion out...

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