ASB's profit is flat-lining, at the same time it's surging for its Australian parent company

Annual statutory net profit is down 0.4 percent.

That's alongside a seven-percent rise in home lending, and a two percent lift in business and rural lending.

Across the Tasman, parent company Commonwealth Bank -- Australia's largest company -- has has a seven percent rise in profit.

It's pushing the Australian sharemarket to a new record high. also helped by another cut to Australia's OCR.