ASB Bank's cash net profit after tax decreased 10% to $1.364bn for the year to June 2024.

ASB Bank's cash net profit after tax (NPAT) decreased 10% to $1.364bn for the year to June 2024, with a statutory NPAT drop of 7% to $1.455bn. Cash net interest margin fell 16 basis points, resulting in a 5% decrease in cash operating income. Home lending increased 1%, while business and rural lending also grew 1%. Total customer deposits rose by 5%. Operating expenses increased 3% due to customer experience investments, tech platforms, and people. ASB's total regulatory capital increased to $11.6bn, with a total capital ratio of 16.3%.

August 14, 2024
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