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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

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