The SBS Group has reported a strong result for the 20-21 financial year despite the challenges of Covid-19, particularly during the first quarter for the period.
The SBS Group which includes subsidiaries Finance Now, FANZ and Southsure, reported an operating surplus of $55.2 million for the year ending March 2021, up from $21.3 million for the year ending 31 March 2020.
SBS Bank Chairman John Ward said, “Our long-term strategic focus on achieving quality growth meant that we were well-positioned to face the challenges that ensued during the 2021 financial period.
These results disclose growth across significant aspects of our business and recognise the contribution of the SBS team in its entirety to support our Members through a turbulent period. Our profitability highlights SBS is in good heart and can continue to grow, innovate and further strengthen our capital reserves to ensure we provide significant future benefits for our Members.”
SBS Bank Members’ Equity was up $58 million (17.3%) on last year to $389 million.
SBS Bank’s total capital ratio also increased from 13.8% to 15.7% during the period, a pleasing result on the regulatory minimum of 8%,” Mr Ward said.
Mr Ward also announced that he would be stepping down as SBS Bank Chairman at this year’s Annual General Meeting in July, having held the position since 2012.
Mr Ward said “I want to acknowledge how much I have enjoyed being part of SBS during my tenure, both as a Director and as Chairman. I am proud of all that we have achieved together and I am confident that the organisation will continue to thrive under the stewardship of my successor, Joe O’Connell who has been a Director on the SBS Board since 2017.”
SBS Bank Group CEO Shaun Drylie said the highlights for the past year had included winning the Canstar Award for Most Satisfied Customers 2020, achieving a Canstar 5-star rating for ‘Outstanding Value’ in the rewards $12k annual spend category for our SBS Visa Credit Card for the second consecutive year, the launch of the SBS Pink Ribbon Visa charity credit card and the launch of a new reverse equity mortgage product.
Mr Drylie said “As the year progressed, we started to see our Members adapt to new ways of banking and, with the support of our team, taking on new challenges to learn new digital skills. SBS is in a healthy position to meet our Members’ needs with strong liquidity and capital reserves.”
As an authentic purpose-based organisation that’s focused on providing value to our Members, we look forward to the future. For the past 152 years we have focused on prudence, strength and stability and will continue to keep our Members at the heart of everything we do. I would also like to take this opportunity to thank our Chairman for the commitment and vision that he has brought to the organisation during his time as SBS Chairman,” he said.