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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news