SBS Bank's total asset base has been boosted beyond $3billion for first time and the lender has posted an improved after-tax profit of $27.7million for its year to March.
SBS Bank chairman John Ward said is was a "solid result'' for the year with the operating surplus up 6% from last year's $26.1million to $27.7million.
"In a somewhat difficult financial year we have achieved significant growth especially in wealth management, consumer finance, insurance and residential lending sectors, which is meritorious given the extremely competitive market,'' he said in a statement yesterday.
SBS's regulatory capital increased from $265.6million to $270.1million, retail deposits were up from $2.52billion to $2.74billion and loan advances were up from $2.39billion to $2.87billion.
Total assets grew from $2.86billion to $3.41billion.
SBS has 16 branches across the country, with mobile mortgage managers in Auckland and Christchurch and full online banking.
Features during the year included launching a refreshed brand to increase market presence, plus significant infrastructure expenditure, including upgraded systems and software, and investment in staff training and development.
"Our refreshed brand supporting our focus on making SBS easier to do business with has been very well received by our members,'' Mr Ward said.
Interim SBS Group chief executive Mark McLean said SBS had delivered tangible benefits to members through competitive pricing.
SBS' launch of its 3.99% one-year fixed mortgage rate saw SBS lead the market, setting the lowest rate seen in decades, he said.
He said the boost to total assets, beyond $3billion for the first time, reflected the results of the rebranding, growth in Auckland lending and "across all provinces in general''.
When asked if SBS was considering opening more branches, Mr Mclean said that was "being monitored'', but noted members were increasingly using online banking.
During the past year more than $1million in rebates had also been given to members, he said.
Growth was the focus in the the year ahead, and would include ongoing IT investment, particularly in the digital channel, and further staff development, he said.
In September, Fitch Ratings upgraded SBS' outlook from stable to positive, citing a transformed strategic approach, strong emerging competitive position and opportunity to grow SBS' membership in a targeted way.
