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ASB Bank posts record $1.56 billion full-year net profit

August 9, 2023
in Business
ASB Bank posts record $1.56 billion full-year net profit
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ASB bank

ASB Bank reported a net profit for the year ended June of $1.56 billion.
Photo: RNZ / Marika Khabazi

ASB Bank has reported a record annual profit but is starting to feel the impacts of a slowing economy, rising costs, and bad debts.

The country’s third biggest bank reported a net profit for the year ended June of $1.56 billion, up 6 percent on the year before, as it increased its lending and margins.

“We are seeing clear signs that growth is slowing which reflects the broader economic environment,” chief executive Vittoria Shortt said.

The bank’s cash profit, which excludes one-offs, grew 9 percent to $1.55b.

Overall lending for the 12 months increased 4 percent to $74.1b, with home loans up 3 percent, business lending rising 5 percent, and 6 percent rise in rural loans.

The amount set aside for bad and doubtful debts rose 56 percent to $64 million.

Second half slow down

However, there were clear signs of a slowdown in the second half of the year, as the slowing economy and rising interest rates bit into the banks’ earnings.

Income fell 7 percent in the six months ended June, with interest margins down 16 basis points, and bad debts rising, which had resulted in an 11 percent fall in its cash profit for the second half of the year.

Shortt said ASB had contacted more than 12,000 customers facing rises in their mortgage costs.

“While the majority seem to be well prepared and managing, we’ve deepened our support options for those feeling pressure.”

The bank’s expenses increased 13 percent, and its cost of doing business compared to its income rose 60 basis points to 36.3 percent.

Shortt said the bank had increased spending on anti-scam systems, customer support, and digital and mobile systems.

ASB had also increased its capital base to above the Reserve Bank’s mandated future target.

“Our balance sheet remains strong and resilient which positions us well to continue to support of our customers and the New Zealand economy.”

Shortt said ASB was “actively engaging” with the Commerce Commission market study into personal banking services announced by the government in June.

“It’s important to us that New Zealanders have confidence in our banking system, and the study is an opportunity to provide this.”

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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/495428/asb-bank-posts-record-1-point-56-billion-full-year-net-profit

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