Superbank Financial Results Show Strong Growth

Superbank Financial Results Show Strong Growth And Momentum

Superbank today released details of its financial performance for the year ending 30 September 2004. Key results include:

2004 $million 2003 $million % Change

Total Assets $372.6 $76.3 +388%

Total Liabilities $331.1 $43.8 +656%

Net Assets $41.5 $32.5 +28%

Net Operating (Deficit) Before Tax ($11.4) ($12.8) +11%

Retail deposits in the SuperSaver product grew 697%, to a total of $328.5m - the average balance of funded accounts being just under $23,000 at 30th September. SuperHomeloan, launched just 11 weeks before the end of Superbank’s financial year, started very strongly with $46.3m of loans settled in the period at an average value of $214,000. Subsequently growth has continued strongly in the first quarter of the new financial year, with settled loans having broken through the $100m point. Losses for the 2004 year were on plan.

“We have made massive strides in the past 12 months. The fact that today we have strong growth, thousands of customers and a strongly developing brand is testament to the hard work, and commitment of all Superbank staff,” said James Munro, chief executive officer, Superbank.

“Our research shows Superbank is now firmly established amongst the top choices for consumers in our target demographic who are looking to change banks. Brand awareness continues to grow and is now over 70%. These are fantastic results for a new business such as ours and reinforce the fact that people are talking about Superbank - positively.”

Looking forward Mr Munro commented; "We look to build aggressively on our current momentum. We have three products, each with a clear differentiation from traditional banking offerings, which will provide the solid foundations of a successful business. We are attracting good numbers of new customers, building strong relationships with existing customers and managing costs well. We have a strong and stable team who are committed to becoming known for delivering the best and most personalised service in the industry. It’s all Super."

Copies of Superbank’s General Disclosure Statement and Key Information Summary for the period ending 30 September 2004 will be available from Superbank by 31st December.

About Superbank:

Superbank is the trading name of St.George Bank New Zealand Limited. Superbank is a joint venture between Foodstuffs New Zealand and St.George Bank Ltd of Australia. St.George PDF created with FinePrint pdfFactory trial version http://www.pdffactory.com Bank Australia is a listed company in Australia and has assets over AUD $55billion. The Foodstuffs group of companies (New World, Pak 'N Save, Write Price and 4 Square) is the 4th largest trading organisation in New Zealand. People can open an account very simply: by calling 0508 226 546 or by picking up an application form from a supermarket and posting it in. ** ends **

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