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Customers make the difference to PSIS

2 June 2005

Happy customers make the difference to PSIS annual result

PSIS credits customer satisfaction for its higher than expected $8.6m after tax profit.

PSIS Chief Executive, Girol Karacaoglu said: “PSIS is a unique organisation among New Zealand’s financial institutions because of its co-operative values and its single-minded focus on customer service – which comes from those customers being the shareholders.

“PSIS is proof that you can be a highly successful and profitable organisation by doing the right thing by your customers,” Dr Karacaoglu said.

“Over the past 12 months we have been focusing intensely on positioning PSIS for the future through improving our products, service and distribution channels. For that reason we anticipated our profits might dip this year, however we once again experienced sustained growth.

“PSIS did well in 2004, thanks to its loyal customers and the impact of a market that is increasingly favouring organisations that value people and not just profits. The power of good customer service is that two-thirds of all new customers in the last 12 months have come to PSIS through referrals from our existing customers,” Dr Karacaoglu said.

The level of service achieved by PSIS is demonstrated in the results of an independent banking survey which in 2004, for the third year in a row, rated PSIS top in customer service. The survey found that 100% of PSIS customers rated the financial services organisation’s performance as good or very good.

Other highlights of the year included the continued expansion of the branch network, bringing the total branches nationwide to 31, the introduction of TXT Banking and the launch of the book, “Over half a million careful owners – A 75-Year History of PSIS, 1928 – 2003”.

Key end-of-year results for 31 March 2005 were:

Net profit after tax
$8.6m (last year $7.6m)

Total assets
$860.0m, up 13.3%

$724.6m, up 11.0%

$693.2m, up 18.0%

Total reserves
$79.0m, up 12.3% (the equivalent of shareholder funds)

Capital adequacy on a risk adjusted basis (using the Reserve Bank formula): 18%, well above the 8% minimum required for registered banks.


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