ASB Bank Limited Analysis

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 13 August 2025

ASB full year result: Profit down 1%

ASB has reported a cash net profit after tax (NPAT) of $1,350 million for the 12 months to 30 June 2025, down 1% on the previous year. Statutory NPAT was $1,449 million, down 0.4%.

Home lending was up 7% on the prior period, while business and rural lending grew by 2%. Total customer deposits increased by 4% and ASB KiwiSaver funds under management grew by 12% to $18.8 billion.

Chief Executive Vittoria Shortt says the result shows ASB has strong momentum. “More New Zealanders are choosing to do their banking with ASB across home, business and rural, and we are working hard to make their experience simpler, safer and better.

“While there is uncertainty in the global environment, lower inflation and falling borrowing costs have provided some respite for households and businesses and our exports have held up. “We continue to support the New Zealand economy, and over the past five years ASB has grown business lending more than any other bank, with net business lending up $4.5 billion.”1

Operating expenses were up 10% to $1,424 million, largely reflecting the investment being made in the business and the impact of inflation.