Reversal of covid provisions helps SBS Bank's annual profit double

Reversal of covid provisions helps SBS Bank's annual profit double
SBS Bank chair John Ward said increasing the bank's capital ratio was pleasing.
Jenny Ruth
SBS Bank's annual net profit more than doubled because charges for bad debts were nearly eight times smaller this year than last.The Invercargill-based bank, which also owns Finance Now, FANZ and Southsure, reported a net profit attributable to members of $41.1 million for the year ended March compared with the previous year's $18.6m profit.Charges for bad debts fell to $4.6m from almost $37m the previous year. In the 2019 financial year, these charges were $15.4m.Chief financial officer Tim Loan said the bank had added $21m in covid-re...

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