ASB's parent, the Ralph Norris led Commonwealth Bank of Australia (CBA), says its third quarter unaudited cash earnings rose to A$1.7 billion from A$1.5 billion in the same period of the previous year with ASB performing "strongly" through the three months to March.
"The New Zealand economy showed some signs of improvement, however the devastation caused by the Christchurch earthquake in February 2011 will delay recovery," CBA said in its quarterly trading update.
"In the longer term, lower interest rates, high commodity prices and reconstruction activity is expected to boost economic growth. ASB performed strongly through the quarter, with good income growth and continued cost discipline. Margins further benefited from asset repricing despite price competition for retail deposits."
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