ASB profits drop five per cent due to 'lower growth' environment

February 12, 2020
ASB bank signs.

ASB has posted a $599 million profit in their half year result today, five per cent lower than the $630 million over the same period last year. 

This result did, however, include a $28 million loss in assets caused by the sale of Aegis, their investment platform. 

“Against the backdrop of a stable economy, we’re mindful of a cautious business sector and uncertain global outlook,” says ASB chief executive Vittoria Shortt. 

Shortt says the last six months have created an opportunity for borrowers, with interest rates dropping to record lows. 

In August the official cash rate was cut by 0.5 percentage points to one per cent, a record low.

Banks were quick to respond, slashing interest rates for borrowers which proved more challenging for customers with savings. 


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