SBS Bank delivers healthy result

SBS Bank delivers healthy result.

SBS Bank today declared a surplus before tax of $20.9 million for the nine months ended 31 December 2014, a 41% increase on the same period in 2013.

Interest margin was a key contributor to the profit increase alongside continuing strong performances by subsidiary companies.

Overall lending growth was another positive result which increased 2.6% to $2.3 billion for the year to date.

SBS Group Chief Executive Wayne Evans said the positive lending growth, underpinned by $66.3 million in the December quarter, was as a result of the bank’s increased presence in the North Island, particularly Auckland, competitive pricing and additional marketing activity.

“The majority of our lending growth has been in the residential sector which is satisfying given the current hotly contested home loan market. We have invested heavily in increasing our Auckland presence and our mobile and online capability. Our strong growth over the last quarter shows that these initiatives are bearing fruit.

“Similarly, over the past six months we’ve expanded our marketing and advertising efforts and adjusted our retail activity which new-to-bank members have responded to favourably.”

SBS Bank’s Disclosure Statement can be viewed HERE

ENDS

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