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...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Ebos buys Vital Petfoods assets from receiver

Distressed assets have been snapped up by the pet food maker.

Denise McNabb 18 Apr 2025

World Opinion

Will policy chaos trigger a flight from the US dollar?

A full-scale flight from USD assets could force the government to default on its debts.

The Washington Post 18 Apr 2025

Will policy chaos trigger a flight from the US dollar?

Technology

What Apple has at stake in China

The iPhone maker is heavily reliant on the Chinese manufacturing economy.

The Wall Street Journal 18 Apr 2025

Sponsored

Bayleys Total Property Issue 3 out now

Backed by Bayleys’ national strength and global reach

Bayleys

Sponsored

Go beyond reporting zero emissions

Clean energy that helps businesses and communities thrive

Meridian Energy

More Finance

Finance

FNZ extends controversial catch-up offer

Fintech FNZ has extended its deadline for “catch-up” equity offers, as employee shareholders say discontent grows.In March, the global fintech offered its class B shareholders a “catch-up” offer after it revealed their holdings could be massively diluted following its August capi...

Victoria Young 16 Apr 2025