ASB lifts annual net profit 11% after a tougher second half

ASB chief executive Vittoria Shortt said the rising cost of living is keeping customers awake at night. (Image: ASB)

Wed, 10 Aug 2022

ASB Bank lifted its annual net profit by 11% as it benefited from higher margins as interest rates rose and income grew faster than costs.Statutory net profit for the year ended June 30 rose to $1.47 billion from $1.32b in the previous year.However, second-half cash profit fell 9%, reflecting three fewer calendar days in the second six months, rising costs compared with a fall in costs in the first half, and rising charges against profit for bad debt.While costs rose 12% in the second half, they were up just 3% for the year and ASB’s cost...

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