1H24 Financial Results

Margins by division¹ Ongoing competitive pressures and deposit mix RBS2 Lower margins due to increased competition and unfavourable deposit mix as customers switch to higher yielding savings and term deposits BB Lower lending margins reflecting increased competition and unfavourable deposit mix as customers switch to higher yielding deposits, partly offset by higher deposit margins IB&M (ex Markets)³ Increase on prior half reflecting favourable portfolio mix and higher earnings on equity, partly offset by lower lending margins NZ (ASB)4 Lower lending margins reflecting increased competition, and unfavourable deposit mix as customers switch to higher yielding deposits 279 262 355 352 344 254 247 232 221 155 147 137 bpts bpts bpts bpts 1H23 2H23 1H24 1H23 2H23 1H24 1H23 2H23 1H24 1H23 2H23 1H24 1. Comparative information has been restated to conform to presentation in the current period. 2. Includes Bankwest Retail, excludes General Insurance. 3. IB&M NIM including Markets is 1H23: 87 bpts, 2H23: 91 bpts, 1H24: 82 bpts. 4. NIM is ASB Bank only and calculated in NZD. 73

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