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

 


SBS Bank records operating surplus of $22.0 million

25 June 2013
MEDIA RELEASE

SBS Bank records operating surplus of $22.0 million.

SBS Bank is pleased to report an excellent profit result for the 2014 financial year, with operating surplus up 5.4% to $22.0 million.

SBS Bank Chief Executive Ross Smith said the increase in both operating surplus and lending at the same time as the creation of a centralised lending team, and the launch of SBS’ upgraded personal internet banking service had all been highlights of the past year.

“The emphasis SBS Bank put on building relationships with its members, through a greater range of products and increased branding along with a dedicated team of staff, has resulted in a near-record profit for the year ended 31 March, 2014.

“While it has been a very competitive market, SBS has again showed it has the resources to actively compete in the market against the larger foreign owned banks and build further on its past success,” Mr Smith said.

To help others experience SBS’ superior customer service, the bank has entered the Auckland market, in a move designed to take advantage of opportunities in the largest growth area in the country.

“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. The Unit is a virtual SBS branch and now provides support to all mortgage brokers throughout New Zealand,” Mr Smith said.

In addition to the increased range of products and the move into the Auckland market SBS have focussed on developing and up-skilling staff to ensure they are well equipped to provide superior customer service in this ever changing market.

Mr Smith, who will be stepping down as CEO at the end of July after 22 years at the helm, added that he was proud to be leaving SBS in the hands of a great team and in far better shape than when he came on board in 1992.

SBS Bank will hold its Annual General Meeting on the 6th floor of the Kelvin Hotel, Invercargill, on Wednesday 23rd July, at 2:30pm.

For a copy of SBS Bank’s Annual Report, please visit:
http://www.sbs.net.nz/AboutSBS/SBSInfoandNews/Financialinformation.aspx

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news