Mark McLean
SBS Bank Group chief executive Mark McLean attributed the increase to strong lending growth and a one-off gain from the sale of an associate, partly offset by the impacts of margin compression, ongoing investment in the business and an increase in credit impairment expense.
SBS Bank’s total home lending increased by 8% to $4.3 billion — a multiple of 2.5 times the industry average growth rate, a statement from SBS said.
Other key points:
Total assets: $6.5b were up $484m or 8.1%.
Members’ equity: $525m increased $19m or 3.8%.
Member deposits: up $285m or 6.7% to $4.5b.
Total capital ratio: rose from 13.6% to 16.3%.
More than $900,000 was distributed through sponsorships and community partnerships.
