ASB profit up 40% as home lending soars

The big four bank posted a 39% increase in statutory net profit after tax in the year to June 30.

ASB's profits were fuelled by a 10% increase in total lending. Home lending jumped by 12%, helped by a "buoyant property market", as the bank supported more than 15,000 first home buyers over the period.

Business lending rose by 9% compared to the prior year, while operating expenses grew by 5%. Loan impairments decreased by $311 million.

ASB chief executive Vittoria Shortt said the pandemic was far from over, despite the positive figures.