New Zealand

New Zealand cash net profit after tax for the year was NZ$588 million, an increase of 28 percent on the prior year.

ASB Future Me graduates take to the air

The result was driven by a strong performance from ASB Bank with margins benefiting from a customer shift towards variable rate loans and repricing initiatives.

ASB Bank delivered a cash net profit after tax of NZ$504 million, up 42 percent on the prior year.

Key highlights for ASB Bank include:
  • ASB Bank ranked first in the 2010 Colmar Brunton Customer Experience Survey for being “the most dedicated to providing the customer with the best possible services”

  • Multiple awards for innovation, including New Zealand’s “Best use of Social Media” for the world-first Virtual Branch on Facebook and CANSTAR CANNEX Innovation Excellence Award for the online savings tool “Save the Change”, and

  • Recognition in the inaugural New Zealand Randstad Awards for ASB Bank as the employer offering the most job security.

Sovereign achieved a cash net profit after tax of NZ$86 million, down 17 percent on the prior year. Sovereign’s growth in inforce premiums, positive claims experience and lower lapse rates were offset by the impacts of the Christchurch earthquakes.