Full story: https://grafa.com/news/financial-asb-bank-profit-slips-1--as-lending--kiwisaver-funds-surge-495815
ASB Bank, a unit of Commonwealth Bank of Australia (ASX:CBA), has posted a cash net profit after tax of $1.35 billion for the year ended June 30, down 1% on last year.
Statutory NPAT fell 0.4% to NZ$1.45 billion. Home lending rose 7%, business and rural lending grew 2%, and customer deposits increased 4%.
ASB's KiwiSaver funds under management jumped 12% to NZ$18.8 billion.
CEO Vittoria Shortt said the result reflected "strong momentum" despite global uncertainty, noting that lower inflation and falling borrowing costs had eased pressure on households and businesses.
The bank grew business lending more than any competitor over the past five years, up NZ$4.5 billion.
Operating expenses climbed 10% to NZ$1.42 billion, driven by inflation and investment in technology, cybercrime prevention, and regulatory compliance.
ASB added 768 staff and extended its open banking fee waiver for fintechs until December 2026.
In housing, new home loan customers surged nearly 90%, including 12,300 first-home buyers.
The bank committed NZ$288 million to develop around 700 new homes under its Accelerated Housing Fund, with projects for social, affordable, and Māori housing.
ASB provided more than NZ$2 billion in new business lending since July and launched initiatives such as a 0% Smart Solar Loan for farmers.
Around 90% of customers now bank digitally each month, supported by anti-scam tools like Caller Check and Confirmation of Payee.
Shortt said ASB remains committed to partnering with government and industry on climate adaptation, anti-scam measures, and boosting New Zealand’s economic resilience.
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