CBA announced ASB Bank’s FY2022 results; Cash NPAT increased 9%

Commonwealth Bank of Australia (ASX: CBA) has released full year results of ASB Bank  for the period ended 30 June 2022. ASB has reported a cash net profit after tax of AU$1,418 million  up 9% compared to the previous corresponding period.

The result during the period was driven by sustained lending growth irrespective of a challenging operating environment. As a result of slowdown in New Zealand s property market ASB home lending grew 6%, compared with 12% for the previous year.

• Business lending improved 6% as the bank continued to work closely with business as well as corporate clients.
• Total operating income grew 8%. The net interest margin was flat compared to the previous year as ASB managed the impacts of an increasing interest rate environment & volatility in swap rates.
• Advances to customers up 5% to AU$105 billion.
• Total deposits increased 8% to AU$85 billion.
• Impairment losses on financial assets improved AU$46 million.
• Operating expenses increased 3%.

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