Photo: RNZ / Marika Khabazi
ASB Bank has posted a flat half-year profit as a sharp rise in operating expenses offset increased lending and income.
The half-year profit was fractionally higher on the year before at $765 million.
The bank benefited from increased mortgage lending as borrowers refixed.
ASB’s income and margins increased, and its level of bad debts was negligible.
However, the bank’s operating expenses surged 21 percent in part because of a $136m settlement of a class action over credit disclosure breaches.
Chief executive Vittoria Shortt said the bank is seeing economic improvement with increased lending.
More to come…
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