ASB Bank has released its financial results for the year ended in June 30, 2018.
Among the financial highlights for the firm were the 10% leap on its statutory net profit after tax (NPAT) to $1.18 billion, and a 12% increase of its cash NPAT sitting at $1.14 billion.
Over the past year, ASB has provided more than 5,000 New Zealand first-home buyers with mortgages in excess of $2 billion.
According to ASB, New Zealand’s strong economic performance in the past year has underpinned the bank’s financial result.
“Unemployment has remained at low levels, the quality of trade remains high and the housing market is resilient,” it said. “These conditions have contributed to a 6% increase in lending supported by a 7% increase in deposits.”
ASB added its financial advisors and insurance teams continue to help its customers protect and enhance their financial wellbeing.
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