ASB insists it isn't making excess profits
Appearing before parliament's finance and expenditure committee, Shortt said while the Reserve Bank hiked the official cash rate 5.25 percentage points between October 2021 and May 2023, ASB passed on just 4.19 percentage points to its home loan customers on variable rates.
ASB's floating rate was 8.64% but has come down to 7.89% so far this year.
Shortt said her bank alswo cut various fees, including merchant fees, and invested in various digital tools to trying to help its customers manage through RBNZ's hiking cycle.
Answering questions from the committee, ASB chair Therese Walsh said the profits ASB makes is commensurate with the investment its parent, Commonwealth Bank of Australia, has made in this country.
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