Latest news with #VittoriaShortt
RNZ News
5 days ago
- Business
- RNZ News
ASB Bank posts steady profit as expenses offset lending gains
Chief executive Vittoria Shortt said 10 percent rise in expenses was the impact of inflation but and ASB's move to invest in systems and staff. Photo: Supplied ASB Bank has posted a steady full year profit as a sharp increase in expenses offset gains in lending and margins. Key numbers for the 12 months ended June compared with a year ago: The bank increased home and business lending roughly in line with the increase in deposits, while its net interest margin -- a broad measure of profitability -- also edged higher. Chief executive Vittoria Shortt said the result showed the slower overall economy of the past year and the financial pressures on its customers, but conditions were improving. "While there is uncertainty in the global environment, lower inflation and falling borrowing costs have provided some respite for households and businesses and our exports have held up." "The majority of our borrowers are managing in the current environment, although there is no question this is a challenging time for a lot of New Zealanders." She said the 10 percent rise in expenses was the impact of inflation but also ASB's move to invest heavily in systems and staff. "We have made significant investments in our technology and systems, meeting regulatory requirements and spent more than $100 million on the prevention of cybercrime, financial crime, and fraud and scams." She said it had hired an additional 768 staff, some of whom had been taken on to cope with the volume of borrowers refixing mortgages. Shortt said the investment in anti-scam technology and systems had helped to reduce the level of fraud by nearly a third. At the same time it was also preparing for an expansion in open-banking which would allow fintech companies to connect and offer alternative financial products and services. "To reduce barriers to entry, we have extended our open banking fee waiver for fintechs until December 2026." However, Shortt said overseas experience showed open banking has not captured as much of the banking business as expected. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Scoop
10-07-2025
- Business
- Scoop
ASB Welcomes Anti-Scam Alliance
ASB is welcoming the launch of a comprehensive Anti-Scam Alliance which it says is a positive move in the fight against fraud and scams. Chief Executive Vittoria Shortt says while the banking sector has invested significantly in fraud and scam prevention, detection and awareness for many years, having a formal alliance between Government, police, consumer groups and a range of impacted industries will make a real difference. 'Banks and telcos have been working very hard, both individually and together, for some time, to tackle fraud and scams. We've partnered with others in the industry like consumer groups and police, but the real power comes in a true all of ecosystem approach, as Minister Simpson has announced today. 'We're pleased to see digital and social media companies join the charge. Each member of the alliance brings unique skills and experience which will improve our collective ability to fight fraud and scams. The formal involvement of Government will also enable stronger collaboration and commitment and more resource and expertise so we can continue to work together to keep New Zealanders safe.' ASB has spent around $140 million fighting fraud, scams, financial crime and cybercrime this financial year, and has invested in a number of customer initiatives. This includes tools such as Caller Check, which was launched in March and combats bank impersonation scams, and ASB's 24/7 fraud line, which has received more than 21,000 calls outside of regular bank hours since it was launched in February. The industry has also been working closely together on Confirmation of Payee and increasing information sharing to better target money mules as part of ongoing collaborative work. 'We know there is still more to be done, but today's announcement is another step forward and we will continue to build on the work we're already doing in this space,' says Shortt. ASB Bank Helping you get one step ahead. In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today. ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance. ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want. We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
