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

 


Invercargill-based SBS Bank talks up presence in Auckland

Invercargill-based SBS Bank talks up presence in Auckland market

By Pam Graham

June 25 (BusinessDesk) – SBS Bank, the former Southland Building Society, has reported a 15 percent rise in bottom line profit it attributes in part to servicing Auckland mortgage clients from Invercargill.

The surplus of $15.64 million in the year to March 31, 2014, was up from $14.34 million the previous year and was achieved on interest income of $169.94 million, down from $176.93 million the previous year. Operating profit rose 5.4 percent to $22 million.

“Initially an Auckland regional manager was appointed to service mortgage brokers in the Auckland area, however, the success of this move prompted the establishment of a centralised lending unit based in Invercargill,” chief excutive Ross Smith said. “The unit is a virtual SBS branch and now provides support to all mortgage brokers throughout New Zealand.”

Smith is stepping down as chief executive at the end of July after 22 years at the helm.

He said in addition to an increased range of products and the move into the Auckland market, SBS had focused on training staff so they could provide better customer service in a changing banking market.

The bank had $161.74 million of residential mortgages with a loan-to-value ratio of greater than 90 percent but 92 percent of these were Welcome Home Loans, a product which is fully insured by Housing New Zealand Corp. The total residential loan book was worth $1.72 billion as at March 31.

Provisions for credit impairment of $10.53 million were down from $17.3 million the previous year.

SBS Bank will hold its annual general meeting in Invercargill on July 23.

It began business as Southland Building Society in 1869.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news