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ASB Bank posts YOY rise in H1 cash net profit

ASB Bank Ltd. posted a year-over-year rise in its cash net profit after tax for the six-month period ended Dec. 31, 2017.

The New Zealand-based bank's cash net profit after tax for the fiscal first half increased to NZ$575 million from NZ$502 million in the year-ago period. On a statutory basis, net profit after tax rose to NZ$593 million from NZ$525 million.

Net interest earnings edged up year over year to NZ$999 million from NZ$923 million. Cash net interest margin ticked up by 1 basis point to 2.20%.

Total operating income increased to NZ$1.27 billion from NZ$1.19 billion, while total operating income after impairment losses climbed to NZ$1.25 billion from NZ$1.14 billion.

The bank's impairment losses on advances for the period dropped to NZ$26 million from NZ$49 million.

As of Dec. 31, 2017, the group's total capital ratio was 14.1%, compared to 13.5% in the prior-year period, while its common equity Tier 1 and Tier 1 capital ratios were 10.6% and 12.6%, respectively, up from 9.7% and 12.0% in the year-ago period.

Meanwhile, the bank's parent, Commonwealth Bank of Australia, reported a year-over-year decline in cash net profit for the fiscal first half.

As of Feb. 6, US$1 was equivalent to NZ$1.37.