Litigation costs a factor as ASB net profit drops to $1.3b
ASB, one of New Zealand's big four Australian-owned banks, reported that its net profit dropped to $1.3 billion, with litigation costs cited as a factor. ASB is the first of the big four to report its New Zealand result this season.
ASB, one of New Zealand's big four Australian-owned banks, reported that its net profit dropped to $1.3 billion, citing litigation costs as a contributing factor.
ASB became the first of the big four banks to report its New Zealand result this season. That timing means its figures are being treated as an early signal for the sector's other major players.
The profit decline points to continuing cost pressures within New Zealand's banking sector. Results from the other big four banks in the coming period are expected to offer a clearer picture of the sector's overall outlook.
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