ASB profits up 28% on improving NZ economy

ASB bank has posted an after tax net profit of $568 million for the year to June 30, a 27.6% rise on the equivalent figure of $445 million for the year earlier.

Chairman Gavin Walker said in a statement the result was due to the improving New Zealand economy.

"New Zealand is continuing along the road to recovery from the global economic downtown. Clear evidence of this is the significant reduction in ASB's impairment charges over the year, down 42.4% to $72 million," he said.

Other highlights from the results include a 7.1% increase in retail deposits to $33.7 billion in a flight by investors from the collapsed finance company sector.

Operating income increased 12.8% to $1.6 billion, and net interest margin fattened by 0.4% to 2.08%.

ASB is owned by Commonwealth Bank of Australia.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7180 0.0000 0.00%
AUD 0.9365 0.0000 0.00%
EUR 0.6765 0.0000 0.00%
GBP 0.5786 0.0000 0.00%
HKD 5.5723 0.0000 0.00%
JPY 80.9810 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1234.8 -4.300 2017-02-17T00:
Oil Brent 56.1 0.140 2017-02-17T00:
Oil Nymex 53.8 0.020 2017-02-17T00:
Silver Index 18.0 -0.040 2017-02-17T00:

Indices

Symbol Open High Last %
NZX 50 7100.0 7103.8 7100.0 -0.09%
NASDAQ 5807.3 5838.6 5814.9 0.41%
DAX 11759.6 11775.4 11757.2 -0.00%
DJI 20564.1 20624.0 20619.8 0.02%
FTSE 7277.9 7307.1 7277.9 0.30%
HKSE 24077.9 24106.3 24107.7 -0.31%
NI225 19228.7 19275.4 19347.5 -0.58%
ASX 5816.3 5819.9 5816.3 -0.18%