Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ASB Bank lending growth modest in March quarter

ASB Bank lending growth modest in March quarter, margins remain under competitive pressure

May 14 (BusinessDesk) – ASB Bank, the New Zealand unit of Australia’s largest home lender, had “modest” lending growth in the latest quarter with margins still capped by competitive pressure.

“The New Zealand economy continued to gain momentum as strong demand for commodity exports and construction growth drove improved activity across a broad range of sectors,” ASB’s Sydney-based parent Commonwealth Bank of Australia said in a statement on activity in the three months to March 31. “ASB lending growth for the quarter was modest, with margins remaining under competitive pressure and a continued customer preference for fixed-rate lending.”

ASB retail deposits grew faster than the market as a whole, the bank said. It didn’t provide further details on the New Zealand unit.

Meantime, Commonwealth Bank said its third-quarter cash profit rose 16 percent to A$2.2 billion and its net interest margin, a measure of lending profitability, was “marginally lower” as it increased its liquid assets.

CBA’s shares rose 0.7 percent to A$80.48 on the ASX.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news