PSIS announces half year result to 30 September 2002
A satisfied customer base has helped PSIS declare an Operating Profit of $4.1 million for the half-year ended 30
September 2002, up 32% from $3.1 million for the same period in the previous year.
The release of these financial results follow closely on last month’s success with customer satisfaction, when a major
annual banking survey, for the third consecutive year, saw PSIS achieve the Number One position among all banks. No less
than 100% of PSIS customers surveyed rated its overall performance as good or very good.
PSIS chief executive John Price attributes both the financial result and the survey success to a combination of an
energetic and adaptable business style and no fuss “we love to see our customers” service formula.
“Our results highlight the trend towards customers requiring the flexibility that places like PSIS can offer. We’re a
relatively small organisation which means our decision-making processes are faster than larger institutions. We’re
adaptable and can move quickly in response to market and consumer needs.”
PSIS have been managing New Zealander’s money for 75 years. Despite a long history of success in independent assessments
of its services, fees and customer satisfaction, John Price describes PSIS as a ‘quiet achiever’. He attributes the high
levels of customer satisfaction to a simple, old-fashioned formula – service, service, and service.
“We have a network of 28 branches from Whangarei to Invercargill and a single-minded commitment to customer service.
Our decision-making is localised. Our customers are also our shareholders and that makes a difference.”
“The value in our service can be seen in the fact that two-thirds of all new customers in the last 12 months have come
to PSIS through referrals from existing customers,” Mr Price said.
Other highlights of the half-year results were:
Total assets up 3.8% to $631 million Return on average assets of 1.34% Deposits up 4.0% to $541 million Loans up 3.8% to
$445 million Total reserves up 5.1% to $59 million Capital adequacy 17.9%
“Our cash reserves are good and we have consistently returned a healthy profit. Our capital adequacy is more than twice
the Reserve Bank requirement for registered banks. PSIS is well placed in the modern banking environment.”