News
SBS Banking Group has reported an increase in lending advances of $469 million, up 21% for the 12 month period to 30 September 2015.
SBS Bank Chief Financial Officer Tim Loan said the increase in loans to customers had been geographically spread across New Zealand.
“This strong result reflects growing market share across the country and a healthy increase in member numbers. This coupled with competitive interest rates and member exclusive promotions has helped SBS Bank grow and reach into new markets.”
SBS Bank’s surplus before tax for the half year to September was $14.1 million, matching last year’s record result for the six months. Total operating income was up $4.4 million year on year reflecting a strong performance from the wider SBS group. Total operating expenses increased $3.5 million due to a heavy investment in core systems and infrastructure projects.
Retail deposits from customers grew $173 million over the 12 month period, demonstrating increased support from members and wholesale funding increased $125 million for the same period.
“Looking forward the declining interest rate environment and competitive pressures will continue to impact our business. However, our focus will remain on providing our members with tangible benefits which demonstrate the successful development and execution of our Group Strategy. Coupled with being placed on ‘positive outlook’ by Fitch Ratings, we’re in a good position to have a solid financial year,” said Mr Loan.