ASB reports profit drop to $1.3 billion for the year amid litigation issues
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ASB's settlement over alleged historic breaches of credit disclosure rules has affected its bottom line.
The bank reached a $135.6-million-dollar settlement in October last year.
In annual results released today, ASB's reporting a six-percent rise in operating income, but a 16 percent rise in operating expenses.
CEO Vittoria Short says inflation and new investments in technology also added to the profit drop.
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