ASB enjoys strong quarter

ASB performed relatively well in the March quarter as the New Zealand economy showed signs of improvement, parent Commonwealth Bank of Australia (CBA) said.

CBA reported unaudited cash earnings of A$1.5 billion ($1.87 billion) in the March quarter.

"The New Zealand economy continued to show some signs of improvement, with ASB maintaining its strong relative market positioning in both home lending and deposits," CBA said.

Price competition for retail deposits continued to have a negative impact on margins, it said.

CBA added that ASB consumer arrears were stable.

- NZPA