ASB's net profit drops 10%

(Image: Getty)

Wed, 14 Aug 2024

ASB Bank’s full-year profit has dropped 10%, with the country’s third-largest lender believing fixed-term home loan rates have peaked.The local unit of Commonwealth Bank Australia’s (CBA) net profit in the 12 months to June 30 dropped $150 million, or 10%, to $1.35 billion.Cash profit dropped 9% to $1.36b.Net interest margin decreased 16 basis points from the year earlier, which CBA said reflected lower deposit and lending margins. This resulted in cash operating income decreasing by 5%.Operating expenses increased b...

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