ASB cash profit up 34 per cent to nearly $1.3 billion

Source: 1News

ASB has posted a cash net profit of nearly $1.3 billion, an increase of 34 per cent on the last financial year.

One of New Zealand's big Australian-owned banks, ASB last year reported a 20 per cent profit decline on the back of Covid-19 disruption.

For the 12 months to June 30 2021, the bank reported a cash new profit after tax of $1.295 billion, up $330 million on the last year.

The bank says the result is driven by a 10 per cent growth in total lending, with home and business lending increasing 12 per cent and 9 per cent respectively compared with the year prior.

“A decisive response from government and our banking system supported Kiwi businesses and households to be resilient during the pandemic," said chief executive Victoria Shortt. 

"While a balanced recovery is still a significant way off, ASB is in a strong position to keep supporting Kiwis as we work together towards a productive and sustainable New Zealand."

The bank says its workforce grew by 10 per cent, with 500 new roles created.