ASB Bank reports profit of NZ$1.32B in FY26
- ASB Bank posted a cash net profit after tax of NZ$1.32 billion for the 12 months to June 30, representing a 2% decrease compared to the previous year.
- The announcement followed strong performances across key lending portfolios and customer deposits, each increasing by 6%.
- The company stated that its strategy remains focused on supporting customers through economic uncertainty while investing in long-term digital and service initiatives.
New Zealand-based ASB Bank, a subsidiary of Commonwealth Bank of Australia (ASX:CBA), reported a cash net profit after tax of NZ$1.32 billion for the 12 months ended June 30, which was down 2% from the prior year.
Statutory net profit after tax fell 4% year over year to NZ$1.40 billion. The bank achieved broad-based growth across home lending, business lending, rural lending, and customer deposits, all of which increased by 6% over the period.
“The conflict in the Middle East and subsequent global oil price shock have caused significant disruption, changing the inflation outlook and pushing interest rates up faster than anticipated," said ASB Bank CEO Vittoria Shortt.
Operating expenses grew by 16% to NZ$1.65 billion, driven primarily by class action proceeding settlements, inflation, and increased technology investments.
Following the announcement, Commonwealth Bank of Australia’s share price was $172.40.
KiwiSaver funds under management also continued to expand over the period, growing by 15% to reach NZ$21.7 billion.
The institution continues to manage its core operations while navigating shifting macroeconomic conditions and cost pressures facing New Zealand borrowers.
