Best bank: ASB Bank
New Zealand’s high interest rate cycle has significantly impacted borrowing demand and funding costs, marking the end of an era of record profits for banks. Despite these challenges, ASB Bank, owned by the Commonwealth Bank of Australia, has demonstrated resilience during the awards period and is New Zealand’s best bank.
In the 2023 financial year, ASB Bank achieved strong results, with a cash net profit after tax (NPAT) of NZ$1.55
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