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ASB Bank full-year cash net profit up 4% YOY

New Zealand-based ASB Bank Ltd. reported a 4% year-over-year increase in cash net profit for the fiscal full year ended June 30.

Cash net profit after tax went up to NZ$1.19 billion from NZ$1.14 billion in the prior-year period. On a statutory basis, net profit after tax came to NZ$1.27 billion, up 8% year on year from NZ$1.18 billion.

Net interest income for the period grew to NZ$2.14 billion from NZ$2.04 billion, while total operating income grew to NZ$2.82 billion from NZ$2.65 billion.

The lender booked impairment losses on financial assets of NZ$108 million, up from NZ$80 million a year earlier. Total operating expenses inched up to NZ$967 million from NZ$933 million.

Net interest margin for the fiscal full year came to 2.21%, slightly down from 2.24% over the same period last year.

As of June 30, ASB Bank's total capital ratio stood at 14.0%, slightly up from 13.9% as of June 30, 2018. Its Tier 1 and common equity Tier 1 ratio clocked in at 13.2% and 11.4%, respectively, up from 12.4% and 10.6%, respectively, in the year-ago period.

The bank's parent, Commonwealth Bank of Australia, reported cash profit after tax from continuing operations of A$8.49 billion, down from A$8.92 billion in the previous fiscal year.

As of Aug. 6, US$1 was equivalent to NZ$1.53.