SBS Bank records 18% increase on operating surplus.

27 June 2013
MEDIA RELEASE

SBS Bank records 18% increase on operating surplus.

SBS Bank is pleased to report a solid profit result for the 2013 financial year, with operating surplus up 18% to $20.9 million.

SBS Bank Chief Executive Ross Smith said the increase in operating surplus, growth in capital and liquidity and winning the Financial Institution of the Year award had all been highlights of the past year.

“An ongoing focus on the needs of our members has allowed SBS to again report a sold profit against a difficult global and domestic economic background. Securing the Financial Institution of the Year award for the second year in a row really shows how we can compete against the bigger banks and is a reflection of the empathy our staff have towards our customers. We spend a lot of time placing the right people in the right roles and winning this award shows that our customers agree and appreciate this.”

Mr Smith said the Christchurch rebuild continued to be a dominant theme for the business and SBS would continue to support the region.

“The Canterbury market is becoming highly competitive and we have reaffirmed our commitment to helping the city and its people rebuild. We’ve handed out more than $150,000 to 74 worthy community groups, appointed a Christchurch-based Director (Alec Neill) and we were recently announced as the major sponsor of the Canterbury Rugby Football Union. We remain committed to the continuing support of our Canterbury members.”

Demand for lending outside of the Auckland region has been subdued in the past year, and over coming months SBS planed a controlled expansion into the Auckland housing market, to take advantage of those growth opportunities in New Zealand’s largest market.

SBS Bank will hold its Annual General Meeting on the 6th floor of the Kelvin Hotel, Invercargill, on Wednesday 24th July, at 2:30pm.

For a copy of SBS Bank’s Annual Report, please visit:
http://www.sbs.net.nz/AboutSBS/SBSInfoandNews/Financialinformation.aspx

ENDS

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