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

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