Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


SBS Bank announces solid six-month result


21 December 2010

SBS Bank announces solid six-month result

SBS Bank has announced a sound profit of $7.0 million after tax for the six months ended 30 September 2010. This compares with a profit of $6.3 million for the same period last year. Significantly lower credit losses coupled with improved valuations on financial instruments were the key drivers of the profit increase.

SBS Bank Managing Director Ross Smith described the result as extremely satisfying considering the demanding financial environment experienced by banking and financial institutions over the past two years.

“It is pleasing to be able to see our commitment to prudent business management at SBS Bank is continuing to enable us to further strengthen our position as New Zealand’s only customer-owned community bank.

“SBS Bank’s operating surplus for the first six months was $9.0 million, which is in line with the $9.3 million reported for the same period last year. Customer deposits have grown by $14 million to a total of $2.24 billion.

“Furthermore, SBS Bank’s tier one capital has increased $14.3 million to $183 million with our total capital ratio sitting at 13.7 percent – one of the highest ratios for registered banks in New Zealand, which is particularly pleasing.”

“Our objective in this financial year is to further consolidate our position as a mutual, by strengthening our balance sheet, safeguarding the business and looking after our customers and our communities.

“We have ensured the financial wellbeing of the society remains paramount while growing our national footprint with the successful merger of the Hastings Building Society on 1 October. The addition of the two HBS Bank branches advances our objective of creating a national community bank.


© Scoop Media

Business Headlines | Sci-Tech Headlines


'Visionary' Leaders: Primary Sector Council Announced

A group of visionary agribusiness leaders is set to help our primary sector capture more value from its work, Minister of Agriculture and Rural Communities Damien O’Connor says ... More>>


Land Report: Issues With Soil Degradation

An environmental report released today has found we are damaging and losing our soils and our native plants and animals. More>>


Water Quality Report: Cause For Optimism

National River Water Quality Trends released by Land, Air, Water Aotearoa (LAWA) this week, reveal that for all river water quality parameters monitored over a 10 year period, more sites were improving than deteriorating. More>>


IMF Report On NZ: Positive Economic Outlook

Minister of Finance Grant Robertson has welcomed the IMF’s Concluding Statement, released following its annual visit, which provides an independent assessment of the strength of the New Zealand economy. More>>


Retail Power Price: Review Panel Named

The Energy and Resources Minister Megan Woods has released the details of who will sit on an expert advisory panel which is tasked with leading a review into the price of electricity in New Zealand. More>>


Increasingly Disruptive Threats: Govt Cyber Security Refresh

Broadcasting, Communications and Digital Media Minister Clare Curran today announced a comprehensive refresh of New Zealand’s approach to cyber security. More>>


Regional Growth: Action Plan To Modernise Taranaki’s Economy

The Provincial Growth Fund (PGF) will invest up to $20 million to help future-proof the Taranaki region by diversifying its economy, creating additional jobs and leveraging off the strong base the region has established through its oil, gas and agricultural ... More>>