ASB Bank Limited

Overview

ASB Bank provides a variety of financial services including retail, business and rural banking, funds management, insurance and investment and securities services. Opened in 1847 as the Auckland Savings Bank, it became a fully owned subsidiary of Commonwealth Bank of Australia in 2000.

Performance

The following information was extracted from ASB Bank Limited's full year results, released on 12 August 2026:

ASB full year result: Profit down 2%, customer and business lending momentum remain strong

ASB has reported a cash net profit after tax (NPAT) of $1,318 million for the 12 months to 30 June 2026, down 2% on the previous year. Statutory NPAT was $1,398 million, down 4%.

The bank has performed strongly across the board with home lending, business and rural lending and customer deposits all having increased 6%. KiwiSaver funds under management also continued to perform well, growing by 15%. Operating expenses grew 16% to $1,645 million, predominantly driven by the settlement of the Credit Contracts and Consumer Finance Act 2003 class action proceedings, increased costs due to inflation, and hiring more people to support greater levels of investment in technology. ASB Chief Executive Vittoria Shortt says the result keeps the bank in a strong position to support customers as the country prepares for economic growth once again.

“Economic recovery has been very stop start. Although we had momentum at the beginning of the financial year, it’s been a very different second half. The conflict in the Middle East and subsequent global oil price shock have caused significant disruption, changing the inflation outlook and pushing interest rates up faster than anticipated.

“Our focus has been on supporting customers experiencing higher costs and uncertainty, while continuing to invest in services and experiences that make a difference. While it’s been a challenging time for some, by and large our customers appear to have weathered the storm well, with fewer households experiencing loan difficulties. “While we expect economic momentum to return in the coming months, uncertainty remains the new norm and we’re cognisant that many New Zealanders will continue to face cost pressures. We’re working closely with customers and are ready to support New Zealand as it puts its foot back on the pedal in FY27,” Ms Shortt says.