ASB Cimb Bank 2022

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ASB Cimb Bank, a joint venture between ASB Bank and CIMB Group, had a strong year in 2022, with both lending and deposits growing at a solid pace.

The bank also launched a number of new products and services, and continued to invest in its digital transformation journey.

How did ASB Cimb Bank perform in 2022?

ASB Cimb Bank performed strongly in 2022, with the following key highlights:

  • Lending growth: ASB Cimb Bank’s total lending grew by 7% in 2022, to $30 billion. This was driven by both home and business lending.
  • Deposit growth: ASB Cimb Bank’s total deposits grew by 10% in 2022, to $25 billion. This was due to a combination of factors, including strong customer demand and attractive deposit rates.
  • Net interest margin expansion: ASB Cimb Bank’s net interest margin expanded by 30 basis points in 2022, to 230 basis points. This was due to a number of factors, including rising interest rates and a shift in the composition of ASB Cimb Bank’s lending portfolio towards higher-margin products.
  • Profitability: ASB Cimb Bank’s cash net profit after tax (NPAT) increased by 9% in 2022, to $780 million. This was driven by strong lending growth, net interest margin expansion, and cost control.

Key factors driving ASB Cimb Bank’s strong performance in 2022

There were a number of key factors driving ASB Cimb Bank’s strong performance in 2022, including:

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  • 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 Cimb Bank.
  • Rising interest rates: Interest rates in New Zealand started to rise in 2022, which boosted ASB Cimb Bank’s net interest margin.
  • A shift in the composition of ASB Cimb Bank’s lending portfolio: ASB Cimb Bank shifted its lending portfolio towards higher-margin products in 2022, which also boosted net interest margin.
  • Cost control: ASB Cimb Bank was able to control costs effectively in 2022, despite continued investment in people, technology, and regulatory compliance.

ASB Cimb Bank had a strong year in 2022, with both lending and deposits growing at a solid pace.

The bank also launched a number of new products and services, and continued to invest in its digital transformation journey.

ASB Cimb Bank is focused on continuing to grow its business and provide its customers with innovative products and services in the future.

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