Room to move within rules: ASB
ASB today released its half-year result for the six months ended December 31.
It reported a record net profit after tax of $416 million.
The bank's loan book grew from $55.5 billion to $59.3 billion and there was growth in loans of 7% since December 2012. But Barbara Chapman said the fastest loan growth was in commercial and rural lending, which was increasing above market pace.
She said there was a lot of competition for business in the sub-80% home loan range. Banks must now keep their new loans to borrowers with a deposit of less than 20% to no more than 10% of their lending.
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