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ASB Bank posts 12% YOY rise in full-year cash net profit

New Zealand-based ASB Bank Ltd. reported a 12% year-over-year increase in its cash net profit for the full year ended June 30.

Cash net profit after tax rose to NZ$1.14 billion from NZ$1.03 billion in the year-ago period. On a statutory basis, net profit after tax climbed to NZ$1.18 billion from NZ$1.07 billion.

Net interest earnings increased to NZ$2.04 billion from NZ$1.85 billion. Cash net interest margin rose by 7 basis points to 2.24%.

Total operating income after impairment losses climbed to NZ$2.51 billion from NZ$2.32 billion. The bank's impairment losses on advances rose year over year to NZ$80 million from NZ$69 million.

As of June 30, the group's total capital ratio was 13.9%, up from 13.8% as of June 30, 2017. Its common equity Tier 1 and Tier 1 capital ratios were 10.6% and 12.4%, respectively, compared with 10.2% and 12.3% in the year-ago period.

The bank's parent, Commonwealth Bank of Australia, posted a 5% year-over-year decrease in cash net profit after tax for the full year.

As of Aug. 7, US$1 was equivalent to NZ$1.48.