(New Zealand) New Zealand’s ASB Bank has pointed to “across the board business growth” built on the country’s vibrant housing sector for its 24 percent increase in net profit.ASB, which is owned by Australia’s Commonwealth Bank, posted a full-year NZ$278 million profit; the fourth time in a row the kiwi bank has posted a net profit of more than 20 percent.
In a statement, ASB said “the vibrant housing market had a material impact on the levels of lending achieved”.
It went on to say that the positive result could also be attributed to “strong, across the board business growth, more effective use of IT and an ongoing focus on building customer satisfaction”.
ASB’s share of the housing lending market increased from NZ6.4 billion from NZ$4.7 billion a year ago.
Gross operating income jumped by 18 percent to NZ$851 million, while operating costs came in at NZ$407 million.
During the year the bank added more than 200 staff, taking the total to 3,261.