"Barbara's decision to retire caps a remarkable career of continuous service to ASB and the Commonwealth Bank Group more broadly. She has been a passionate and effective chief executive for ASB and its people, successfully leading the organisation through a period of unprecedented change and market disruption," Walker said.
"During her tenure, ASB has continued to transform into a digitally-focused organisation with a renewed commitment to delivering unbeatable customer experiences across all its channels. She has played a key role in growing ASB's annual profits from $568 million in 2011 to more than $1 billion in the most recent financial year-end," Walker said.
Commonwealth Bank of Australia's New Zealand earnings in the year to June 30 were boosted by a 13 per cent gain in ASB Bank's cash profit, as the Kiwi lender benefited from smaller charges on bad debt and stripped out costs to keep on top of shrinking interest margins.
ASB's cash profit, lenders' favoured earnings measure, rose to $1.03b from $914m a year earlier. Net profit, which includes unrealised movements in the value of financial instruments, jumped 17 per cent to $1.07b.
