TNM

ASB Bank warns on dividends after profit dip

ASB Bank

11% drop in ASB Bank's profits, as the bank reported a $238m operating profit for the six months to December 2008.

The drop further includes a $41 million that also includes loss that grew from applying new global accounting rules.

In 2007 the profits during the same period were $267 million.

ASB chairman Gary Judd said, "Total bank assets increased by 16.3 per cent, with lending balances rising 8.6 per cent."

Pages