ASB Bank’s full-year profit falls to $1.4 billion amid class action settlement
ASB Bank's annual profit declined due to a $135.6 million class action settlement and rising loan impairment losses.
ASB Bank reported a net profit after tax of $1.4 billion for the year to June 30, down from $1.45 billion the previous year. The decline was driven by a $135.6 million class action settlement over alleged historic breaches of credit disclosure rules and higher impairment losses on loans. The bank achieved net interest income of $3.3 billion, up from $3.1 billion, but operating expenses rose due to the settlement.
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BusinessDesk
ASB Bank’s full-year profit slips lower
ASB Bank has posted a lower annual after-tax profit, with its $135.6 million class action settlement seeing operating expenses rise amid a year with uneven economic forces. The bank posted a net profit after tax of $1.4 billion for the…
BusinessDesk
ASB’s full-year profit slips lower
ASB has posted a lower annual after-tax profit, with its $135.6 million class action settlement seeing operating expenses rise amid a year with uneven economic forces. The bank posted a net profit after tax of $1.4 billion for the year…
NZ Herald
ASB profit drops to $1.4b as class action settlement lifts costs
Impairment losses rose to $78m from $60m a year earlier.
interest.co.nz
ASB annual profit drops 4% as expenses and loan impairments rise
ASB annual profit falls as bank 'embarks on programme of work to streamline practices to create better outcomes for customers'
Newstalk ZB
Vittoria Short: ASB CEO on the bank reporting profit drop to $1.3 billion for the year
ASB's settlement over alleged historic breaches of credit disclosure rules has affected its bottom line.
BusinessDesk
ASB awaits economic pickup as its profit dips
ASB Bank has issued a tepid outlook for the nation’s economic momentum alongside a dip in annual after-tax profit on the back of the lender’s hefty class-action settlement last year. “We expect economic momentum to return in coming months,” ASB…