ASB Bank's full year profits have fallen by a quarter because of low interest rates and the Covid-19 pandemic.
Photo: RNZ / DOM THOMAS
Its profit for the year ended June was $958 million, compared with last year's $1.27 billion.
The bank's overall income was down narrowly on the year before but its margins fell.
Its operating costs rose 11 percent and the amount put aside for bad debts nearly tripled to $306m.
Chief executive Vittoria Shortt said the impact of the pandemic had been felt right through the business and it would be a bumpy road ahead for many reasons.
"The global uncertainty due to the pandemic is causing significant economic and social disruption. Trade disputes and heightened political tension may further disrupt global trade and the business environment.
"We are also conscious of the impact of the physical and economic effects of climate change and the effectiveness of current and planned responses remains uncertain."
She said the economic recovery so far had been good - but the latest lockdown measures proved there was no room for complacency.
Between March and June more than $11bn worth of financial support was provided to about 31,000 customers, including deferred payments and overdraft facilities.
Customer deposits were up 12 percent to $74bn dollars.
Shortt said the bank has set up up dedicated team to deal with customers needing specific help because of Covid-19.