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Lease agreement for Kawerau site a major step forward for integrated biomass manufacturing facility
Source: Foresta Group Holdings
Message: Plans to build New Zealand’s first integrated biomass manufacturing facility to produce pine-based chemicals and low emissions fossil-free fuel to replace coal, have moved a step closer with the signing of a lease at a site at Kawerau.
ASX-listed Foresta Group Holdings Limited (“FORESTA”) has executed a formal lease with the local Māori land trust Putauaki Trust following satisfaction of the conditions precedent under the previously announced Agreement to Lease for a 9.6 ha site at Kawerau.
The lease will officially commence on 1 March 2026 for an initial term of 30 years with an option to extend the lease for another 20 years.
“This is another important milestone for the company that brings us significantly closer to breaking ground on this project which represents the first step in our vision to establish sustainable, pine chemicals and low-emissions fuel production across New Zealand,” said Foresta Executive Chairman Henry Cheng.
FORESTA’s state-of-the-art integrated biomass manufacturing facility is expected to directly employ more than 70 people as well contributing to employment in the region for businesses supporting the manufacturing facility. FORESTA intends to begin earthworks over the next summer period.
FORESTA's directors, Executive Chairman Henry Cheng and Executive Director Dr Maurizio Fabiani, were present for an official signing ceremony on 9 February 2026 to formally execute the lease together with Putauaki Trust Chairman Tiaki Hunia and CEO John O'Brien.
The signing ceremony was hosted in the Beehive by The Hon. Shane Jones MP – Minister for Regional Development, Minister for Resources and Associate Minister for Energy.
FORESTA is set to revolutionise the energy landscape in New Zealand by manufacturing torrefied wood pellets – an eco-friendly replacement for coal, producing 90% fewer emissions. The innovative manufacturing process also generates renewable pine chemicals, which can substitute petrochemicals derived from fossil fuels in a variety of everyday products, from car tyres to cosmetics. All wood feedstock will be sourced from renewable Forest Stewardship Council-certified forests.
“By processing and adding value to local wood resources, we aim to drive economic growth in the region and contribute to New Zealand's climate emissions targets by providing a renewable energy source that can be used in existing coal boilers,” said Henry Cheng.
“We are proud that our project has received recognition by the New Zealand Government as a project of regional and national importance, allowing us to fast-track resource consents and approvals.”
FORESTA's scalable manufacturing process allows for the establishment of additional facilities close to forests across New Zealand, which have the potential to eliminate the need for coal to be burned domestically and have surplus production available for export to Asia.
New approach for Carillon at National War Memorial reflects Anzac connection
Source: Ministry for Culture and Heritage
The iconic Carillon bells have not sounded out across Pukeahu National War Memorial Park since 2020, due to earthquake strengthening to the carillon tower. Manatū Taonga Ministry for Culture and Heritage has revealed a new approach to ensure visitors hear the instrument played again soon.
“Earthquake strengthening work at the National War Memorial is progressing well and we are planning to reopen before Anzac Day 2026,” says Secretary for Culture and Heritage Leauanae Laulu Mac Leauanae.
“We’ve been able to draw upon the expertise of carillonists from the Carillon Society of Australia as we plan for future recitals – a fitting connection as we approach Anzac Day.
“Last year, I decided the Ministry would look at new ways to secure more sustainable services for playing the Carillon. Australia provides a useful model. There are more than 20 carillonists in Australia who share the workload between three carillons in Canberra, Sydney, and Bathurst.
“Our plan is to develop local talent and capability over time, so there is a pipeline of future musicians that can play one of the world’s largest instruments, and a taonga of remembrance in the heart of our capital.
“The National War Memorial Carillon is a key part of commemorations at Pukeahu National War Memorial Park. We look forward to sharing the schedule for regular recitals once it’s finalised.”
Leauanae acknowledged the long-term service of recently retired National Carillonist Timothy Hurd QSM.
“Timothy has been an important part of Pukeahu National War Memorial Park for more than four decades. We thank him for his dedication and wish him the best for the future,” says Leauanae.
Find out more about the Carillon Tower Seismic Strengthening project: https://www.mch.govt.nz/our-work/memorials-and-commemorations/pukeahu-national-war-memorial-park/carillon-tower-seismic
BusinessNZ – Amid tough energy decisions, LNG plan has potential
Source: BusinessNZ
The Government’s announcement that it will proceed with the procurement of an LNG terminal has the potential to lower the extreme electricity prices NZ experiences in a dry year when the lakes are low, the BusinessNZ Energy Council (BEC) says.
Director of Advocacy Catherine Beard says the economic analysis indicates a net benefit to all electricity consumers, including industrial and commercial energy users.
“BEC supports steps made to increase security of supply, and the greater energy security provided by adding another fuel source to the mix is welcome. But it is regrettable that this decision has had to have been made.
“There are no easy choices to get through the energy transition from declining natural gas supplies to renewables. In the current context, LNG appears to have been the necessary course of action.
“As everyone is finding out the hard way, energy is not 'a nice to have' but a critical service that enables economic activity and social wellbeing. Without reliable and affordable energy, growth and investment stall.”
Beard says the risk of de-industrialisation in New Zealand is real without policy certainty and strategic direction required to unlock investment in new supply.
“A comprehensive energy strategy is essential to give the sector clarity and ensure long-term affordability and reliability.
“BEC has long called for such a strategy, one with bi-partisan support. We cannot lurch from pillar to post on the future of energy, with every change of Government. Energy is a fundamental need for a functioning economy and healthy society, and we need to plan for a successful supply of energy with a regulatory environment that gives predictability and encourages investment.
“We look forward to the Government releasing more information as the procurement process moves forward.”
The BusinessNZ Network including BusinessNZ, EMA, Business Central and Business South, represents and provides services to thousands of businesses, small and large, throughout New Zealand.
NZ’s biggest triathlon festival toasts 20 years – Challenge Wānaka
Source: Challenge Wānaka
Next week’s anticipated Challenge Wānaka marks 20 years of New Zealand’s largest triathlon festival, which has attracted more than 25,000 athletes and injected more than $54 million into the local economy over the past two decades.
Part of the global Challenge Family – which runs middle and long-distance triathlon races in more than 30 countries – the Challenge Wānaka Half has been a cornerstone of NZ’s triathlon scene since 2007. It is regarded as a stepping stone for talented young age-group triathletes hoping to qualify for pinnacle world championship events and turn pro. It’s also a key event for the Wānaka community, providing an annual economic boost for the tourism town.
Challenge Wānaka event director Jane Sharman says that while road bikes, wetsuits and race tech have vastly improved over the past two decades, the pulling power of the event for triathletes and spectators remains the same.
“As we reflect on 20 years, it’s very exciting to see how far the festival has come and everything our athletes have achieved,” she says. “Challenge Wānaka has played a part in launching some incredible pro athletes and international racing careers. But it’s also a fantastic grassroots event where anyone can take part, in the most beautiful corner of the world.
“Of course, the youth events have long been a highlight and some of our pro athletes who started out racing in Challenge Wānaka are now watching their own children participate, so it’s very special for them.”
One of those athletes is two-time Challenge Wānaka winner and former Team NZ cyclor Dougal Allan, who will be cheering on his own children, Flynn and Matilda, at the Challenge Wānaka triathlon festival next week. Some 2100 kids will be taking part in the festival this year, from age two and up.
“Competing in and eventually winning Challenge Wānaka in 2016 and 2017 launched my profile into the world of international triathlon,” he says. “Challenge Wānaka was always known as one of the toughest and most honest long-distance triathlon events in the world and winning it was a huge badge of honour. It also led to being invited to race the famous Challenge Roth event in 2017 in Germany, which remains one of the biggest racing experiences of my life.
“Whether it is an athlete’s ambition to race pro or not, Challenge Wānaka offers the opportunity to be part of a very professionally organised event that offers so much across the weekend, from the event village to the crowd support. It is a truly internationally recognised event that’s made very accessible to domestic athletes. While these days I’m no longer competing, it’s great to be coaching some of those athletes lining up for next weekend’s race.”
The event welcomes athletes from all over NZ and the world every year, and some from closer to home, too. Wānaka GP Dr Andrew McLeod has participated in every Challenge Wānaka race since its inception.
“I don’t remember much of that first race in 2007 but I clearly remember crossing the line, already analysing what I’d done wrong, what I’d somehow done right, and how I’d do it better next time,” he recalls. “Twenty years on – and after races across NZ, Australia, North America and Europe – I’m still learning.
“Along the way my wife Karen and I have been to amazing places, met wonderful people, and so often heard the words: ‘You’re from Wānaka? I’ve always wanted to do that event.’ Being part of something that inspires that reaction is pretty special, and it’s probably why I keep coming back.”
This year’s Challenge Wānaka brings together more than 850 athletes competing in the Gallagher Insurance Challenge Wānaka Half, including 376 athletes in the individual half event. The anticipated professional field features Mike Phillips, Frederic Funk, Jack Moody, Tamara Jewett, Rebecca Clarke, Gabrielle Lumkes, and Lucy Byram. More than 155 teams are also entered, with 18 teams vying for the Gallagher Insurance Corporate Trophy, while friends and family team up for a fun day of swim, bike, and run. Media personality Brodie Kane will take on the 1.9km swim as part of a relay team.
The 2026 Gallagher Insurance Challenge Wānaka Half is also an opportunity for age-group athletes to claim a National Title and qualify to wear the silver fern at the 2026 World Championships, as part of the Tri NZ Suzuki Series.
“This year’s event is set to be extra special to celebrate 20 years of Challenge Wānaka,” Sharman says. “This festival has always been about more than racing; it’s about community, resilience and the shared excitement of pushing boundaries in one of the world’s most scenic locations. We’re incredibly proud of the athletes, volunteers and supporters who return year after year to help make Challenge Wānaka a standout on the world triathlon stage.”
About Gallagher Insurance Challenge Wānaka
The Gallagher Insurance Challenge Wānaka is one of the world’s most scenic triathlon festivals, held annually in New Zealand’s stunning Southern Lakes region. Featuring a range of events, including the flagship middle-distance triathlon, multisport races, and AquaBike, the festival welcomes athletes of all levels. Operated by the Challenge Wānaka Sports Trust, a charitable organisation committed to community wellbeing, the event supports youth, adaptive athletes, and local charities through inclusive sport and recreation initiatives. In 2026, the Challenge Wānaka Festival event will mark its 20th year, taking place from February 19 – February 21. Registrations at www.challenge-wanaka.com
Tax Reform – State of the Nation report shows persistent inequality, requires rebalancing of tax system – Better Taxes
Source: Better Taxes
The State of the Nation report released today by Better Taxes Coalition member, The Salvation Army, shows persistent inequality across most measures, from child poverty and food insecurity, to unemployment and housing affordability.
The Better Taxes campaign endorses the remarks of Dr Bonnie Robinson, Salvation Army Director Social Policy and Parliamentary Unit, at the launch that something significant is required to address inequality and poverty in Aotearoa New Zealand:
“Rebalancing our tax system to gather more revenue from those who can most afford to contribute, and to fund the things that will improve living standards for everyone in Aotearoa is critical to shifting the dial on the shocking picture painted by the Salvation Army report,” said Glenn Barclay, spokesperson for the Better Taxes campaign.
The report lays bare numerous areas where we need to do more to support the most vulnerable in our communities:
- Child poverty rates have increased and the number of children in material hardship in 2024 was higher than the in 2018 (baseline measure).
- Numbers receiving welfare assistance rose over the last year, but restricted access to hardship support meant there was less support for households at this time of greater need.
- Food insecurity remained high in 2025. Salvation Army food assistance through food parcels increased with some 90,000 food parcels distributed, 7 percent higher than in 2024 and almost 50 percent more than in 2019 pre-Covid-19.
- Although household living cost increases eased over the last year, this was uneven and lower-income households still faced higher household costs increases compared to high earners.
- Public housing units increased, but new-builds are poised to fall off the cliff. While homelessness continued to rise and thousands remain on public housing lists, some specialised housing services for people facing homelessness actually reduced over the course of 2025.
- The data shows that structural settings continue to produce inequitable outcomes for tangata whenua and vulnerable communities.
“These are the kinds of pressures that are driving the fiscal challenges that the Treasury and Inland Revenue have identified in a number of recent reports. In order to address these pressures and enable everyone in Aotearoa New Zealand to live good lives we need to gather more revenue”, said Barclay.
The Better Taxes for a Better Future Campaign is a coalition of over 20 organisations led by Tax Justice Aotearoa.
We believe that tax reform is the only solution to the current challenges facing Aotearoa NZ. We need the tax system to:
- be transparent
- raise more revenue to enable us address the challenges we face
- make sure people who have more to contribute make that contribution: that we gather more revenue from wealth, gains from wealth, all forms of income, and corporates
- make greater use of fair taxes to promote good health and environmental health
- address the tax impact on the least well off in our society.
Universities – Transformational gift to support natural environmental research at Victoria University
Source: Victoria University of Wellington, Te Wāhanga a Manaia – Faculty of Science and Engineering
Te Wāhanga a Manaia—Faculty of Science and Engineering is celebrating a remarkable $5 million gift from the George Mason Charitable Trust to support multidisciplinary research into the natural environment.
Dr George Mason ONZM, who passed away in 2024, was an accomplished research scientist who generously supported environmental research throughout his lifetime. Through his Trust, he donated millions of dollars to scholarships, education, and postgraduate research across Aotearoa, significantly advancing our nation's collective expertise in the natural and environmental sciences.
The gift will be used to support postgraduate students and researchers who are conducting solutions-focused research that advances conservation, restoration, and sustainability in Aotearoa New Zealand.
Professor Nicola Nelson, Dean of the Faculty of Science and Engineering, says the Faculty is truly grateful for the generous gift, which will be an opportunity to deepen and broaden the impact of their research.
“Dr Mason's gift is transformative. His investment in the future of human knowledge is a profound act of belief in the power and potential of scientific research here at Te Herenga Waka.
“We are deeply grateful to the trustees of the George Mason Charitable Trust, who have ensured Dr Mason's vision of supporting research within the natural environment is realised far into the future.”
The gift agreement was signed at a ceremony held earlier today in the Victoria Room and attended by Vice-Chancellor Professor Nic Smith, Victoria University of Wellington Foundation Chair John McCay, and the trustees of the George Mason Charitable Trust.
Te Herenga Waka Vice-Chancellor Professor Nic Smith says Dr Mason's gift will have a lasting impact on the University's research capacity.
“Dr Mason's lifelong goal to restore and protect the environment will be significantly advanced through the meaningful research his gift will enable.
“His legacy will live on through the ambitious research projects this gift will support, the solutions our researchers will develop as a result, and the influence their groundbreaking work will have on our society.”
Professor of Marine Biology James Bell, who led a research group that was generously supported by Dr Mason, says this funding had a transformative impact on the reach and scope of their work.
“Past funding from the George Mason Trust unlocked an amazing opportunity to develop an exciting new area of research focused on deep water or so-called mesophotic reefs. We were able to purchase remotely operated vehicles and fund student scholarships that supported the discovery of never-before observed marine communities and understand their significance to Aotearoa New Zealand.
“This new gift will ensure that George's legacy of generosity and support for conservation and scientific advancement lives on through numerous research projects across many disciplines. We will continue to be inspired by George's passion for solutions-focused science that will ultimately benefit people and the planet.”
University Research – Stark differences in COVID-19 vaccination rates between Māori and non-Māori, research finds – VUW
Source: Te Herenga Waka—Victoria University of Wellington
A new study analysing COVID-19 vaccine uptake has found markedly lower vaccination rates among Māori, which researchers link to existing inequities in healthcare access.
The study looked at vaccination rates from December 2020 to May 2023, finding 28.4 percent of Māori were unvaccinated during this period, compared with 14.7 percent of non-Māori.
“Based on these numbers, we estimate 78,880 fewer Māori were fully vaccinated than would have been the case if vaccination rates were the same for both groups,” said Dr James Mbinta, lead author of the study and a research fellow at Te Herenga Waka—Victoria University of Wellington.
The study also found marked differences in rates of partial vaccination, with Māori more likely to receive only the first dose of the COVID-19 vaccine and not go on to get the second dose.
Enrolment in a primary health organisation (PHO) was flagged as a key factor influencing whether Māori received at least one dose of the vaccine. The study also found those living in lower-income households and in lower-quality and crowded housing were less likely to be vaccinated.
“For Māori, the likelihood of being partially or fully vaccinated was higher among those enrolled in a PHO. This highlights the need for vaccination strategies that include improving PHO enrolment, especially for populations that have a known higher risk of severe health outcomes from COVID-19,” said co-author Andrew Sporle (Ngāti Apa, Rangitāne, Te Rarawa), an honorary academic in the Department of Statistics at Auckland University and managing director of research firm iNZight Analytics.
Previous research has shown Māori have higher rates of both hospitalisation and death from COVID-19 compared with the general population.
“Our findings highlight the crucial need to ensure vulnerable populations can access healthcare. Targeted approaches, using evidence from data generated by rigorous studies such as this, are needed to address health disparities and ensure equitable access to healthcare resources,” said co-author Professor Colin Simpson, a senior adviser in the School of Health at Te Herenga Waka and professor in the Faculty of Medical and Health Sciences at Auckland University.
Results of the study are published in the Journal of the Royal Society of New Zealand. The research was funded by the Ministry of Health.
Government – A message from HM King Charles III on the 100th anniversary of the constitutional relationship between Tokelau and New Zealand
Source: Government House
A message from HM King Charles III on the 100th anniversary of the constitutional relationship between Tokelau and New Zealand
To the people of Tokelau, Malo Ni! My wife and I have such fond and lasting memories of meeting members of the Tokelauan community during our visits to New Zealand, and so it gives me great pleasure to extend my warmest greetings to you on the very special occasion of the 100th anniversary of Tokelau's unique relationship with New Zealand.
The flag of Tokelau depicts a canoe under full sail, voyaging towards the stars of the Southern Cross; stars which have helped Tokelauans navigate the Pacific waters for centuries. On this milestone anniversary, I hope that all Tokelauans can take pride in their nation's voyage over the past 100 years and your many achievements in that time. The Tokelauan voice is vital on the global stage, reminding the world of the urgency with which we must all act to ensure that the rich natural beauty and vibrant cultural heritage not only of your nation, but also of so many small island states around the world, continue to thrive in the years to come.
Although, sadly, I am unable to join you in person as you embrace this opportunity to reflect on the past and look towards the future, I particularly wanted to send you my very best wishes for your celebrations.
CHARLES R.
Banking – ASB half year result: Supporting our customers for long-term prosperity
Source: ASB
ASB has reported a cash net profit after tax (NPAT) of $719 million for the six months to 31 December 2025, up 1% on the prior comparative period. Statutory NPAT was $765 million.
Since December 2024, home lending has grown 8%, while business and rural lending grew by 4%. Total customer deposits increased by 5%.
Net customer margins remain flat, reflecting higher home lending margins and lower deposit margins. Net Interest Margin (NIM) was up 6 basis points driven by higher earnings due to timing effects from interest rate hedges.
ASB KiwiSaver Scheme funds under management grew by more than $1.7 billion to more than $20.6 billion, thanks to continued strong returns to customers and top quartile performing funds.[1] Collectively, ASB Group Investments manages more than $31 billion for investors across its range of five products.
Operating expenses were $839 million, an increase of 21% largely driven by the settlement of the Credit Contracts and Consumer Finance Act 2003 class action proceedings, and investments in people, technology modernisation, digital experience and regulatory compliance.
Chief Executive Vittoria Shortt says “While the geopolitical outlook remains uncertain, we are seeing more confidence in the economy, supported by lower interest rates and good export earnings in key sectors. This is evident in the uptick we’ve seen in business lending, with more lending growth across small business, commercial and rural this half than in the previous financial year.
“We remain well positioned to support our personal and business customers as they continue to tackle higher costs, navigate volatility or transition to growth.”
Investing in our customer experience
“We continue to make significant investments so customers choosing to bank with ASB have a simple and modern experience, where they feel informed and confident about making important financial decisions and safer knowing we actively seek to protect them from fraud and scams.
“Through our technology modernisation we are simplifying the way we work and the services we provide, removing overlap and complexity and offering products that might better suit our customers’ changing needs.
“We have a focus on service excellence and meeting customers’ expectations of faster and simpler processes, with quicker decisions on their home loan applications. Building on our capability for single home loan applications to be started digitally through the ASB Mobile App, in November we extended this functionality to include joint home loan applications. Customers can track the progress of their application and view indicative pricing in the ASB Mobile App, so they remain informed at every step.”
Further customer protections
“Fraud and scams remain an issue for New Zealand, and we continue to seek to make banking with us safer with enhanced customer protections against economic crime.
“We are now able to share data between banks related to digital fraud and money mule activity through the Fraud Reporting Exchange and New Zealand Data Exchange. We remain available to assist customers 24/7 on our 0800 ASB FRAUD line.”
Investing in New Zealand
“While we’ve seen business lending growth pick up, with increases across agricultural and property lending, for long-term prosperity New Zealand needs to become more productive.
“We are backing business customers to boost their productivity using artificial intelligence and technology in partnership with the New Zealand Product Accelerator and universities. Following a successful pilot, the programme is being scaled up this year to match up to 100 ASB business customers with AI, business analytics and data science masters’ students to work on their business.
“We are continuing to show up for rural New Zealand with offerings to help with transformation and succession through our Every Hectare Matters programme, and reduce costs with ASB’s Smart Solar 0% lending to assist the switch to renewable, resilient energy. We are supporting the future of the dairy industry and empowering the next generation of farmers towards the goal of farm ownership with financial support and expertise in partnership with the New Zealand Dairy Industry Awards and Fonterra.
“These initiatives are highly valued by the rural sector, as a result we have grown our rural lending more than any other bank in the 12-months to September 2025.[2]
“Long-term prosperity also requires that we have enough housing to support our growing population and easier access to more affordable housing solutions. We have doubled our commitment to $1 billion to accelerate the development of social and affordable housing and the long-term delivery of thousands of new homes. To date we have committed $517 million for social and affordable housing, and this half we committed nearly $50 million to a Māori social housing provider in Tāmaki Makaurau to deliver more than 150 homes.”
Saving for the future
“Regular savings provide a pathway to long-term financial wellbeing and broader economic resilience for Aotearoa.
“We have put a lot of effort into the ASB Investment Funds and the ASB KiwiSaver Scheme so we can offer competitive investment options for customers. We have multiple top performing KiwiSaver funds with low fees, and this is a powerful combination that can make a big difference for our nearly half a million ASB KiwiSaver Scheme members who stand to benefit when purchasing a first home and/or in retirement.
“We remain focused on how we can help tamariki build financial literacy and early savings habits. In November, we reintroduced our Kashin moneybox to celebrate ASB’s 150 years of supporting Kiwi kids to get one step ahead with money. We’ve seen a notable increase in the opening of new Headstart accounts, helping children to start their savings journey. We continue to support the delivery of financial education nationwide with nearly 45,000 students participating this half in our GetWise and Tikitiki o Pūtea programmes in schools.”
[1] ASB KiwiSaver Scheme Conservative, Moderate, Balanced and Growth funds are in the top quartile for 12-month performance to 31 December 2025, Morningstar KiwiSaver Survey (Dec 2025).
2 RBNZ quarterly release, 12-months to September 2025.
|
Income Statement ($ millions) |
|
|
|
|
||||||
|
For the half year ended 31 December |
2025 |
2024 |
Dec 25 vs Dec 24 % |
|
||||||
|
Net interest income |
1,602 |
1,471 |
9 |
|
||||||
|
Other operating income |
233 |
233 |
– |
|
||||||
|
Total operating income |
1,835 |
1,704 |
8 |
|
||||||
|
Operating expenses |
(839) |
(695) |
21 |
|
||||||
|
Operating performance |
996 |
1,009 |
(1) |
|
||||||
|
Loan impairment expense |
(3) |
(17) |
(82) |
|
||||||
|
Net profit before tax |
993 |
992 |
– |
|
||||||
|
Corporate tax expense |
(274) |
(278) |
(1) |
|
||||||
|
Cash net profit after tax (“Cash profit”1) |
719 |
714 |
1 |
|
||||||
|
|
|
|
|
|
||||||
|
Reconciliation of Cash profit to Statutory profit |
|
|
|
|
||||||
|
Cash profit |
719 |
714 |
1 |
|
||||||
|
Reconciling items: |
|
|
|
|
||||||
|
Hedging and IFRS volatility2 |
7 |
(7) |
large |
|
||||||
|
Notional inter-group charges3 |
53 |
71 |
(25) |
|
||||||
|
Reporting structure differences4 |
6 |
6 |
– |
|
||||||
|
Tax on reconciling items |
(20) |
(21) |
(5) |
|
||||||
|
Net profit after tax (“Statutory profit”) |
765 |
763 |
– |
|
||||||
|
|
|
|
|
|
||||||
|
Performance indicators (cash basis) |
6 |
|
||||||||
|
Net interest margin (%) |
2.35 |
2.29 |
6 bpts |
|
||||||
|
Return on assets (%) |
1.0 |
1.1 |
(10) bpts |
|
||||||
|
Operating expenses to total operating income (%) |
45.7 |
40.8 |
490 bpts |
|
||||||
|
Return on average total equity (%) |
12.0 |
12.6 |
(60) bpts |
|
||||||
|
|
|
|
|
|
||||||
|
Statutory Balance Sheet ($ billions) |
|
|
|
|||||||
|
As at 31 December |
2025 |
2024 |
Dec 25 vs Dec 24 % |
|
||||||
|
Advances to customers |
118.7 |
111.6 |
6 |
|
||||||
|
Total assets |
139.7 |
131.9 |
6 |
|
||||||
|
Deposits and other borrowings |
94.5 |
94.8 |
– |
|
||||||
|
Total liabilities |
127.4 |
120.5 |
6 |
|
||||||
- Cash profit reflects the Banking Group’s underlying operating results and excludes items that introduce volatility and/or one-off distortions which are not considered representative of ongoing financial performance. These items are calculated consistently year on year and do not discriminate between positive and negative adjustments.
- Hedging and IFRS volatility includes unrealised fair value gains or losses on economic hedges that do not qualify for hedge accounting and unrealised fair value gains or losses on the ineffective portion of hedges that do qualify for hedge accounting under NZ IFRS. These fair value gains or losses are excluded from Cash profit/(loss) since the asymmetric recognition of the gains or losses does not affect the performance of the Banking Group over the life of the hedge.
- This represents the recognition of a notional cost of capital from the ultimate parent and other allocated costs which are not included in Statutory profit. Comparative information (including the tax impact) has been restated to conform to presentation in the current period. As a result, the return on average total equity and operating expenses as a percentage of total operating income have been restated accordingly.
- The results of certain business units within the CBA Group are excluded from Cash profit for management reporting purposes but included in Statutory profit.