RESEND: ASB first-half cash profit rises 9%, as favourable funding conditions fatten interest margin

Tue, 10 Feb 2015

Feb. 11 (BusinessDesk) - ASB, the local unit of Commonwealth Bank of Australia, posted a 9 percent gain in first-half cash profit and said favourable funding conditions allowed it to fatten its net interest margin., Cash profit, which excludes accounting adjustments, rose to $429 million in the six months ended Dec. 31 from $393 million a year earlier, the Auckland-based lender said in a statement. Operating income rose almost 7 percent to $1.05 billion, driven by a 10 percent gain in net interest earnings to $850 million. Statutory profit c...

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Politics

Govt reshuffle: Lee demoted, Simmonds loses portfolio

Melissa Lee has been stripped of her media and communications portfolio and dropped from the cabinet, prime minister Christopher Luxon announced today.He has given Paul Goldsmith the portfolio after Lee was widely criticised over her public handling of the numerous issues facing...

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