ASB sees assets soar
(17 February 2004 – New Zealand) ASB Bank has grown its total assets by 50 percent in two and a half years, built on improving business and rural lending.
The bank, which is a subsidiary of Australia’s Commonwealth Bank, said its total assets at 31 December 2003 stood at NZ$30.4 billion (A$27 billion).
Home and personal lending grew by 15 percent for the six months to end of December to $17.9 billion while agricultural lending increased by 10 percent, leaving the bank’s credit exposure at $2.7 billion. ASB’s other business lending grew three percent to $9.4 billion.
"Overall, 40 percent of our lending is now in the rural and business sectors, an increase of four percent in six months," ASB Bank chairman Gary Judd said.
Judd said the bank’s growth in New Zealand’s business sector had led to the creation of a new corporate banking division in November.
Speaking at CBA’s half year results announcement, chief executive David Murray pointed to the success of ASB’s service and sales performance and marketing campaigns, some of which have been adopted by CBA for its "Which new Bank" client service program.
Home and personal lending grew by 15 percent for the six months to end of December to $17.9 billion while agricultural lending increased by 10 percent, leaving the bank’s credit exposure at $2.7 billion. ASB’s other business lending grew three percent to $9.4 billion.
"Overall, 40 percent of our lending is now in the rural and business sectors, an increase of four percent in six months," ASB Bank chairman Gary Judd said.
Judd said the bank’s growth in New Zealand’s business sector had led to the creation of a new corporate banking division in November.
Speaking at CBA’s half year results announcement, chief executive David Murray pointed to the success of ASB’s service and sales performance and marketing campaigns, some of which have been adopted by CBA for its "Which new Bank" client service program.
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