ASB Bank Executive Team

ASB Bank Annual Report 2022

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ASB Bank, New Zealand’s third-largest bank, delivered a strong performance in 2022, with both lending and deposits growing at a solid pace.

The bank also reported record profits, driven by strong net interest margin expansion.

How did ASB Bank perform in 2022

ASB Bank’s key financial performance highlights for 2022 include:

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  • Cash net profit after tax (NPAT): $1.56 billion, up 6% from the previous year
  • Total lending: $105 billion, up 5% from the previous year
  • Total deposits: $85 billion, up 8% from the previous year
  • Net interest margin: 222 basis points, up 22 basis points from the previous year
  • Return on equity (ROE): 14.9%, up from 14.3% in the previous year

Key factors driving ASB Bank’s strong performance in 2022

A number of key factors contributed to ASB Bank’s strong performance in 2022, including:

  • A strong New Zealand economy: The New Zealand economy performed well in 2022, with low unemployment and high terms of trade. This supported strong demand for loans and credit, which benefited ASB Bank.
  • Rising interest rates: Interest rates in New Zealand started to rise in 2022, which boosted ASB Bank’s net interest margin.
  • A shift in the composition of ASB Bank’s lending portfolio: ASB Bank shifted its lending portfolio towards higher-margin products in 2022, which also boosted net interest margin.
  • Cost control: ASB Bank was able to control costs effectively in 2022, despite continued investment in people, technology, and regulatory compliance.

What were ASB Bank’s key strategic priorities in 2022?

ASB Bank’s key strategic priorities in 2022 were to:

  • Grow its lending and deposit business: ASB Bank successfully achieved this goal, with lending and deposits growing at a solid pace in 2022.
  • Improve the customer experience: ASB Bank continued to invest in new technologies and services to improve the customer experience in 2022. For example, the bank launched a new digital wallet and made a number of enhancements to its mobile app.
  • Become more sustainable: ASB Bank is committed to becoming a more sustainable business. In 2022, the bank launched a number of new initiatives to reduce its environmental impact and support sustainable development in New Zealand.

ASB Bank is focused on continuing to grow its business and provide its customers with innovative products and services in the future. The bank is also committed to becoming a more sustainable business.

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