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Investment
4 mins to read

ASB profit falls as home, business, and rural lending dips

Statutory net profit fell 11% to $749 million in the six months ended December 31.

WATCH: ASB chief executive Vittoria Shortt speaks with Jonathan Mitchell.

Key points
  • Statutory net profit: Down 11% to $749m.
  • Net interest income: Down 7% to $1.4b.
  • Main takeaway: Tighter margins and lower lending to households, businesses, and rural customers in the six months ended December 31.

ASB’s half year profit has fallen, with tighter margins and weakness in lending, amid a tough economic environment.

The Australian-owned bank reported its statutory net profit fell 11% to $749 million in the six months ended December 31. Meanwhile, its underlying ‘cash’ profit fell 12% to

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Tags
ASB Vittoria Shortt CBA Commerce Commission RBA Michele Bullock
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Key points
  • Statutory net profit: Down 11% to $749m.
  • Net interest income: Down 7% to $1.4b.
  • Main takeaway: Tighter margins and lower lending to households, businesses, and rural customers in the six months ended December 31.
Company profile
Powered by: asx logo
Change:
Price
Previous Close
Turnover
Movement
Volume
Avg Daily Volume
Daily High
Daily Low
52 Week High
52 Week Low
Related News
Politics
3

RBNZ ‘laser focused’ on cost efficiency amid public sector cuts
Economy Matters
1

High interest rates set to be around for longer
Economics
2

ANZ gets more hawkish, pencils in OCR peak of 6%
Economics
1

Slow grind back to target for inflation, OCR on hold next month
Business
2

ComCom bank study to focus on home loans, deposits
Business
5

ASB profits up 10% as Kiwis face tougher times
ASB profit falls as home, business, and rural lending dips
Investment,
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