TSB annual profit more than doubles, bolstered by write-back in Solid Energy bond

Thu, 02 Jun 2016

By Paul McBeth June 3 (BusinessDesk) - TSB Bank, the Taranaki community-owned bank, more than doubled annual profit, bolstered by a gain in writing back some of the value in its debt exposure to stricken state-owned coal miner Solid Energy. Net profit rose to $61.6 million in the 12 months ended March 31 from $25.5 million a year earlier, the New Plymouth-based bank's annual report said. Net interest income increased 1.7 percent to $127.8 million as its loan book expanded 17 percent to $3.83 billion and deposits grew 8.3 percent to $5.81...

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