ASB lifts profit 6% as rising rates bolster margins

The mortgage market remains highly competitive. (Image: Getty)

Wed, 09 Aug 2023

ASB Bank annual profit rose 6% as wider margins more than offset increased costs, with the country’s third-biggest lender noticing the slowdown through the second half of the financial year. Net profit rose to $1.56 billion in the 12 months ended June 30 from $1.47b a year earlier, with net interest income up 17.2% at $3.05b. Net interest margins widened 22 basis points to 2.44%, which parent CBA said reflected higher deposit margins in the rising interest rate environment, offset by lower lending margins due to swap rates, mortgage...

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