ASB lifts first-half profit 10% as rising rates fatten margins

(Image: BusinessDesk)

Wed, 15 Feb 2023

ASB Bank lifted first-half profit by 10% as the country’s third-biggest lender by assets widened its margins in a rising interest rate environment. Net profit rose to $840 million in the six months ended Dec 31 from $762m a year earlier, with the local subsidiary of the Commonwealth Bank of Australia (CBA) widening its net interest margin to 2.52% from 2.19% a year earlier. Mortgage lending grew 5% to $73.44 billion from a year earlier, helping ASB increase market share to 21.6% from 21.4% a year earlier, and the bank’s bu...

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