SBS Bank boosts annual profit 24% as property investment drives lending growth

Mon, 22 Jun 2015

By Paul McBeth June 23 (BusinessDesk) - SBS Bank, New Zealand's biggest building society, lifted annual profit 24 percent as increased lending to property investors underpinned growth in the firm's loan book. Net profit rose to $19.4 million in the 12 months ended March 31 from $15.6 million a year earlier, the Invercargill-based company said in a statement. Net interest income climbed 17 percent to $81.1 million, with its loan book expanding to $2.39 billion as at March 31 from $2.28 billion a year earlier. Of that, residential lending g...

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