Class action weighs on ASB’s profitabilityHowever, the factor that weighed most heavily on the bank’s profitability was its decision to enter into a $136m settlement with those who brought a class action against it. While ASB agreed to settle with the claimants, who were automatically included in the class action without having to opt in, it made no admission of liability. ANZ is still fighting its corner in the class action. ASB customers unlikely to benefit from bank capital rule changeTaking a step back and looking at the economy more broadly, Shortt saw a gradual but uneven recovery. She didn’t believe ASB customers would see a difference in the cost and availability of credit on the back on the Reserve Bank changing its bank capital requirements.

Source: New Zealand Herald February 11, 2026 15:15 UTC