ASB chief executive to resign after six years in position

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AAP

ASB Bank's chief executive Barbara Chapman will resign at Easter next year, says the New Zealand's unit of Commonwealth Bank of Australia.

ASB Bank logo generic

ASB Bank's logo.

Source: 1 NEWS/composite

She has held the role since April 2011.The bank said it has begun recruiting her replacement.

Ms Chapman, 57, says being chief executive has been the highlight of her career, and she is now "excited to be able to take some time to think about areas of future interest and challenge".

Chairman Gavin Walker says Ms Chapman had been a "passionate and effective" chief executive and had played a key role in the bank lifting annual profit from $NZ568 million ($NZ522.7 million) in 2011 to over $NZ1 billion in the most recent financial year-end.

Commonwealth Bank of Australia's New Zealand earnings in the year to June 30 were boosted by a 13 per cent gain in ASB Bank's cash profit, as the kiwi lender benefited from smaller charges on bad debt and stripped out costs to keep on top of shrinking interest margins.

ASB's cash profit, lenders' favoured earnings measure, rose to $NZ1.03b from $NZ914m a year earlier. Net profit, which includes unrealised movements in the value of financial instruments, jumped 17 per cent to $NZ1.07b.

"The board, and Commonwealth Bank of Australia as shareholder, are grateful for Barbara's leadership and dedication to ASB's long-term success," Mr Walker said.

"She has built an outstanding leadership team that will continue to seamlessly execute the bank's strategy to achieve its goals and vision."

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