ASB's CEO isn't surprised by today's reduced half-year profit.

The bank has reported a 11 percent fall, due to slower lending, reduced margins and higher costs.

CEO Vittoria Short says their profitability is linked to New Zealand's economy.

"We've seen a slowing in growth as headwinds impact everything from inflation that's feeding through to businesses and homes- and also the rising interest rate environment. That's really contributed to the decline." 

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ASB's CEO isn't surprised by today's reduced half-year profit.
The bank has reported a 11 percent fall, due to slower lending, reduced margins and higher costs.
CEO Vittoria Short says their profitability is linked to New Zealand's economy.
"We've seen a slowing in growth as headwinds impact everything from inflation that's feeding through to businesses and homes- and also the rising interest rate environment. That's really contributed to the decline." 
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.