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

 

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>