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I am not sure what the ASB is, but the group profit is here and...

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Ewebute

5,869 Posts.

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14/02/24

09:17

Post #: 72395284
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Originally posted by J.S.Mill: ↑

CBA Annoucement :
"ASB today reported a cash[1] net profit after tax (NPAT) of $707 million for the six months to 31
December 2023, a decrease of $96 million or 12% on the prior year. This reflects a lower net interest
margin (NIM), down 26bps on the prior year. Statutory NPAT is $749 million for the six months to 31
December 2023, a decrease of $91 million or 11% on the prior period.
ASB Chief Executive Vittoria Shortt says, “Bank profitability is inextricably linked to the New Zealand
economy and the environment in which we are operating, and the interest rate cycle has been a big
influencing factor on the results we’ve posted.
“The past five years have seen the official cash rate fall to a record low, followed by the steepest
increase in the history of the OCR. This increase has had an impact on bank funding costs, including
higher offshore funding costs”.
ASB’s total lending for the six months to 31 December 2023 declined 1% with home, business and
rural lending down 1%, reflecting a very competitive housing market and subdued agricultural and
business lending market demand. Total customer deposits grew 4% as customers took advantage of
higher term deposit rates."

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I am not sure what the ASB is, but the group profit is here and it is looking pretty bad. Expectation was $5 billion a few days ago as I highlighted (https://hotcopper.com.au/posts/72364585/single). I think interim dividend is staying the same. 20% drop today in line with the profit announcement and the fall in US banks on top of that?

Bears finally highlighting that the economics might actually matter.

Last edited by Ewebute: 14/02/24

XJO Value at posting: 7,603.6
1 Upvote

0 Great analysis

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