ASB Bank have posted record annual profits, but the signs of an economic slowdown impacted their earnings.

The bank reported a net profit for the year ended June of $1.56 billion, up 6 percent on the year before.

ASB CEO Vittoria Shortt says the bank has deployed nearly $1 billion worth of capital into New Zealand marketplace, impacting their total capital.

"The more lending we do, the more deposits- there's definitely growth that drives the profitability."

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ASB Bank have posted record annual profits, but the signs of an economic slowdown impacted their earnings.
The bank reported a net profit for the year ended June of $1.56 billion, up 6 percent on the year before.
ASB CEO Vittoria Shortt says the bank has deployed nearly $1 billion worth of capital into New Zealand marketplace, impacting their total capital.
"The more lending we do, the more deposits- there's definitely growth that drives the profitability."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Vittoria Shortt: ASB CEO on ASB posting record $1.56 billion full-year net profit

The Reserve Bank Governor says Kiwis will ultimately benefit from today's OCR hike - the first in more than three years.

The cash rate has been raised to 2.5 percent.

Governor Anna Breman says inflation's been eating up household budgets.

She says getting inflation back down helps everyone.

"It will actually make sure that households get their purchasing power back, they can spend more, they can get more demand, and we will see better growth and employment coming back." 

LISTEN ABOVE

The Reserve Bank Governor says Kiwis will ultimately benefit from today's OCR hike - the first in more than three years.
The cash rate has been raised to 2.5 percent.
Governor Anna Breman says inflation's been eating up household budgets.
She says getting inflation back down helps everyone.
"It will actually make sure that households get their purchasing power back, they can spend more, they can get more demand, and we will see better growth and employment coming back."&nbsp;
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Anna Breman: Reserve Bank Governor explains why OCR increase was necessary

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/0bfeeb8c-41f3-4629-a764-b481005c0a38/transcript

The Reserve Bank moved to increase the OCR, prompting concern from some over what it could mean for the economy.

The central bank raised the cash rate to 2.5 percent - the first hike in more than three years.

Some economists thought inflation could surge as high as 4.8 percent this quarter.

Newstalk ZB senior political correspondent Barry Soper says inflation needs to be brought under control - so this was the right move.

LISTEN ABOVE

The Reserve Bank moved to increase the OCR, prompting concern from some over what it could mean for the economy.
The central bank raised the cash rate to 2.5 percent - the first hike in more than three years.
Some economists thought inflation could surge as high as 4.8 percent this quarter.
Newstalk ZB senior political correspondent Barry Soper says inflation needs to be brought under control - so this was the right move.
LISTEN ABOVE

Barry Soper: Newstalk ZB senior political correspondent on the Reserve Bank moving to increase the OCR for the first time in three years

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/491172ac-08aa-4069-ac1c-b481005a9eab/transcript

Hostilities have ignited again between Iran and the US, undermining the fragile memorandum of understanding. 

US Central Command claims it's bombed more than 80 Iranian targets - the vast majority being small boats in the Strait of Hormuz. 

It says this is retaliation for Iran attacking three commercial vessels in the waterway.

Middle East correspondent Gordon Robison says it's not clear why the ships were hit - but there's been a noticeable back and forth between both nations, leaving the ceasefire on 'life support'.

LISTEN ABOVE

Hostilities have ignited again between Iran and the US, undermining the fragile memorandum of understanding.&nbsp;
US Central Command claims it's bombed more than 80 Iranian targets - the vast majority being small boats in the Strait of Hormuz.&nbsp;
It says this is retaliation for Iran attacking three commercial vessels in the waterway.
Middle East correspondent Gordon Robison says it's not clear why the ships were hit - but there's been a noticeable back and forth between both nations, leaving the ceasefire on 'life support'.
LISTEN ABOVE

Gordon Robison: US correspondent on the US launching new strikes on Iran

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e9199fa4-d5dc-4e7f-a30a-b48100530ff3/transcript

Vittoria Shortt: ASB CEO on ASB posting record $1.56 billion full-year net profit

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