SBS Bank Pleased to Announce Healthy Half-Year Result

MEDIA RELEASE
25 November 2016

SBS BANK PLEASED TO ANNOUNCE HEALTHY HALF-YEAR RESULT

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. 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.

About SBS Bank:
Established in 1869, SBS Bank is believed to be the first building society in the world to have achieved bank registration while retaining its mutual structure. Mutual ownership means SBS Bank is uniquely positioned to provide benefits to its members. SBS Bank has 16 branches across the North and South Islands, with mobile mortgage managers in Auckland and Christchurch and a full online banking service.

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