SBS Bank lifts annual profit as residential and consumer lending increases

Thu, 23 Jun 2016

By Sophie Boot June 23 (BusinessDesk) - SBS Bank, New Zealand's biggest building society, lifted annual profit 2.8 percent in 2016 as it worked to improve its presence in Auckland. Net profit rose to $20 million in the year ended March 31, from $19.4 million a year earlier, the Invercargill-based company said in a statement. Net interest income climbed 3.5 percent to $83.9 million, with its loan book expanding to $2.87 billion as at March 31 from $2.39 billion a year earlier. Of that, residential lending growth advanced 15 percent to...

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