SBS records growth in a "difficult" year

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SBS Bank has reported its operating surplus for the year to March 31 has increased 6% from $26.1 million to $27.7 million.

Friday, June 24th 2016, 10:02AM

“In a somewhat difficult financial year we have achieved significant growth – especially in wealth management, consumer finance, insurance and residential lending sectors which is meritorious given the extremely competitive market,” SBS chairman John Ward said,

SBS Bank regulatory capital increased to $270.1 million for the year (up from $265.6 million last year) with retail deposits $2.74 billion (up from $2.52 billion last year) and loan advances $2.87 billion (up from $2.39 billion last year) and total assets at 3.41 billion (up from $2.86 billion last year).

Interim chief executive Mark McLean said, “We have continued to deliver tangible benefits to members through competitive pricing. The launch of our 3.99% one year fixed mortgage rate saw SBS lead the market, setting the lowest rate seen in decades.” In addition to benefit through pricing, more than $1 million in rebates had also been given to members in the past year.

McLean said that the brand refresh had been part of creating “a unique position in the marketplace. The new look has enabled SBS to become an energised, cohesive and contemporary bank.”

In the year ahead SBS would continue its focus on growth in line with its vision to become ‘New Zealand’s member bank’ through the key themes of Simplicity, Benefit and Synergy. This includes ongoing investment in IT, particularly the digital channel, and further staff development.

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