ASB grows lending and fattens margins

ASB grows lending and fattens margins
ASB chief executive Vittoria Shortt enjoyed a 47% pay increase. (Photo: ASB)
Jenny Ruth
ASB Bank grew both its business and mortgage lending faster than total bank lending in the year ended June and its net interest margin (NIM) fattened by 18 basis points in the second half of the year.The bank's statutory net profit rose 39% to $1.32 billion in the year with what it described as "a determined focus to support its customers and New Zealand through an unpredictable year".That was helped by a $311 million drop in the bank's charges against profit for bad debts.Chief executive Vittoria Shortt said the global pandem...

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