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