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

ASB lifts first-half profit 10% as rising rates fatten margins
(Image: BusinessDesk)
Paul McBeth
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...

More Finance

No longer 'boutique' Generate is executing, CEO says
Finance

No longer 'boutique' Generate is executing, CEO says

The fund manager is now the seventh-largest KiwiSaver provider.

Gregor Thompson 09 May 2025
ANZ half-year profit surges on non-cash gains
Finance

ANZ half-year profit surges on non-cash gains

Cash earnings were flat, and net interest margin rose slightly.

Pattrick Smellie 08 May 2025
BNZ preserves margins on flat half-year
Finance

BNZ preserves margins on flat half-year

BNZ outranks its Australian cousins for customer preference.

Pattrick Smellie 07 May 2025
Westpac's NZ net interest margin expands again
Finance

Westpac's NZ net interest margin expands again

Net interest margins rose in NZ, but shrank for the group as a whole.

Pattrick Smellie 05 May 2025