Satisfied Customers Help PSIS Grow

Satisfied Customers Help PSIS Grow

PSIS continues its path of sustained growth with another excellent result. For the year ended 31 March 2004, the financial services co-operative has announced a pre-tax profit of $10.8 million, up 7.6% on the same period in the previous year.

PSIS Chief Executive, Girol Karacaoglu said: “Our success has been built on our distinctive strengths: the quality of the PSIS people, a strong sense of our values as an organisation and a culture that focus on the customer first. We have a clear goal of sustainably building our business through providing great value, low cost personal banking services to our customers.”

The improved pre-tax profit has come from sturdy growth in deposits and loans and increased product sales, positioning the co-operative well for the future with strong reserves and assets growth.

“One of the factors behind our result is our ability to meet customers’ ever increasing expectations. We are a relatively small organisation which means we can have relationships with our customers that larger organisations can only dream about.

“Our decision-making processes are faster and we can move quickly in response to our customers’ and market needs.

“In the year ahead we want to maintain and improve upon our customer satisfaction. We will be opening more branches and committing to more staff training. We want to keep on improving our products and make it easier for people to manage their everyday finances with us.

“To do this we will be investing more in our business and our people. As a result we do not anticipate repeating the level of this year’s profit growth but we will prudently manage our capital expenditure and investment in our business within our existing resources.”

“As a co-operative where our customers are also our owners, we have every incentive to provide them with a fair fee structure, a wide range of products and excellent service. We know the best way to look after future profits is to look after our customers,” Mr Karacaoglu said.

Other highlights from the annual results were:

Key end-of-year results for 31 March 2004: Pre-tax profit up 7.6% to $10.8m Pre-tax return on average total assets 1.52% Net profit after tax up 9.3% to $7.6 million Total assets increased 14.6% to $759.1 million Deposits increased 15.4% to $653.0m Loans increased 21.3% to $587.3m Total reserves up 12.4% to $70.3 million Capital adequacy (using Reserve Bank formula) 18%. This is more than double the 8% minimum required for registered banks.

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