Photo: RNZ / Marika Khabazi
ASB has announced a new $400 million lending programme to support the corporate and rural sector affected by Cyclone Gabrielle.
The bank said the lending would be offered for a maximum term of two years, with customers saving up to 2 percent in funding costs, depending on individual circumstances.
"The devastation we have seen to farms, orchards and businesses has a huge flow on effect - at a community, regional and national level," ASB chief executive Vittoria Shortt said.
"The scale of destruction is immense and it comes at a time when many customers are already grappling with added financial pressures," she said.
The recovery from the cyclone would be long and take a toll, Shortt said.
"ASB is here to help and we encourage all customers to reach out to us so we can support them."
It comes after the bank had earlier announced support for personal and small business customers.
Eligible personal customers were able to access a temporary overdraft for weather related expenses or hardship at an interest rate of 0.01 percent per annum up to $2000 (20 cents interest on a $2000 overdraft over 12 months) or $5000 for home loan customers.
The bank said a zero percent interest rate was not possible due to technology constraints and the bank was addressing the issue.
ASB also recently offered $2000 per household in one-off ex gratia payments for customers whose homes were red or yellow-stickered, and to small businesses that were significantly affected.
It said more than $1 million had already been paid in ex gratia payments.
ASB has reported a 10 percent increase in its half-year profit to a fresh record, as it benefited from stronger home and business lending.
