SBS Bank boosts annual profit 37% as lender beefs up exposure to Auckland property investors

Tue, 20 Jun 2017

By Paul McBeth June 20 (BusinessDesk) - SBS Bank, the country's biggest building society, boosted annual profit 37 percent as the licensed lender ramped up lending in Auckland and to residential property investors, while low interest rates trimmed its retail borrowing costs. Net profit rose to $27.4 million in the 12 months ended March 31 from $20 million a year earlier, the Invercargill-based bank said in a statement. Total lending expanded 19 percent to $3.41 billion, with residential lending up 21 percent to $2.68 billion. Impairment...

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