“Healthy” Half Year Profit For Invers Based SBS Bank

SBS Bank today announced an operating surplus of $19.6m for the six months ended 30 September 2016, up 43 percent on the same period last year.

SBS Group CEO Shaun Drylie, who joined SBS in August this year, said that in a highly competitive market environment the Board and Management were pleased with the result and growth they have seen.

SBS Bank Head office, Invercargill. Photo: whatsoninvers.nz

This growth has been driven across the entire SBS Group portfolio including residential lending, Finance Now consumer finance, FANZ managed funds and Southsure insurance products.

Mr Drylie noted that the launch of the refreshed bank brand in November last year continued to receive a positive public response and had furthered awareness of SBS Bank as a modern relevant banking option. “Stepping up marketing activity and increasing our presence through mobile mortgage managers is definitely starting to contribute to our strong growth.”

He added that being a New Zealand bank owned by its customers also resonated strongly with the public who responded to their bank profits staying in the country and being invested into highly competitive mortgage and investment rates.