ASB's profit and mortgage book grow

ASB's latest general disclosure statement shows its net profit rose 7.2% to $89 million in the three months ended June despite its charges against profit rising by $91 million compared with $22 million in the same quarter a year earlier.

The bank's net profit for the year ended June was down 17.5% at $425 million with charges for bad loans rising to $238 million from $40 million the previous year.

Only $74 million of those charges were for mortgage loans gone bad.

Net interest income rose 3% to $268 million in the quarter but was down 2.1% at $980 for the year.