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ASB raises profits in half year

ASB's home lending jumped six percent in six months to December 31.

Wednesday, February 9th 2022, 12:50PM

by Eric Frykberg

ASB has reported a cash net profit after tax (NPAT) of $742 million for the six months to 31 December 2021.

That was a 22% increase on the prior comparative period.

Statutory NPAT was slightly higher at $762 million, an increase of 23%.

One reason was an 8% growth in total lending, with home and business lending up 8% and 10% respectively.

Another reason for the increase was a higher net interest margin. That increased on a cash basis by seven basis points.

In addition, advances to customers rose by 8% to $102 billion. Total deposits also rose 8% to $83 billion.

There was also a fall in losses from impairments. These dropped by $43 million.

A changing public response to two Covid lockdowns also affected the bank's finances. ASB responded to the August lockdowns by immediately reinstating financial support options offered in 2020.

However, there was significantly less demand the second time around. Fewer than 3,000 personal and business customers took up this support during the August lockdown, compared with up to 25,000 for previous lockdowns.

The ASB chief executive Vittoria Shortt added ASB had focussed on helping its customers get through the pandemic.

“One of the ways we made a difference for our customers was through reviewing and streamlining our fees.” she said.

“We delivered more than $21 million in fee reductions, rebates, and removals to customers in the six months to December 2021.”

Tags: ASB

« Impact of Covid on household living arrangementsBank chief lays out CCCFA changes that are needed »

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Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 4.29 5.09 5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 5.14 ▼5.79 6.15
TSB Special 4.79 4.34 ▼4.99 5.35
Unity 5.65 4.80 5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

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