By Jane Shanahan
Wednesday 13th August 2008 |
Text too small? |
Profit rose to $532 million in the year ending June 30, the company said in a statement. Assets rose 12% to NZ$59 billion.
"ASB's profit result is pleasing in an economy which, while slowing and undergoing change, remains fundamentally sound," chairman Gary Judd said.
Parent Commonwealth Bank today reported profit rose 7% to A$4.79 billion. Cash earnings of $4.73 billion beat analysts' forecasts. The bank increased its charge for under-performing loans to $930 million from $496 million a year earlier.
ASB Bank's loan impairment charge rose to $40 million, bringing the total provisions to $109 million, or 0.18% of assets.
Home building consents tumbled 20% in June, according to government figures, adding to evidence the housing market is contributing to a shrinking economy. By contrast, farming communities have been buoyed by soaring prices for dairy products that have bumped up their payments.
Though home lending had declined sharply, ASB had experienced less of a drop than the market overall, the bank said.
The bank has also expanded, opening 10 new branches and increasing staff by 6%.
Judd said that despite the subdued market ASB had increased its retail market share, lifted business operations 16% and rural business 31%.
New Zealand-based funding continued to grow, and the new ASB cash fund attracted more than $200 million in deposits since its inception early last month, Judd said.
No comments yet
AIA - Announces books closed for retail bond offer
May 8th Morning Report
NZ-UAE free trade on the table
ANZ - 2024 Half Year Results Documents
FWL - Foley Wines Limited 2024 Harvest
IKE Closes Major Multi-Year Subscription Deals
AIA - 2024 Macquarie Australia Conference Overview of AIA
Devon Funds Morning Note - 06 May 2024
EROAD FY24 Results and Webinar Details
thl reduces FY24 NPAT guidance