TSB Bank profit slips 5.9% on Solid Energy writedown

Thu, 29 May 2014

By Paul McBeth May. 29 (BusinessDesk) - TSB Bank, one of the six lenders that agreed to a debt restructuring for Solid Energy, reported a 5.9 percent decline in annual profit after writing down the value of preference shares held in the state-owned coal miner . Net profit fell to $50 million in the 12 months ended March 31 from $53.1 million a year earlier, including the full impairment of the Solid Energy redeemable preference shares valued at $13.8 million, the Taranaki-based lender said. Net interest income rose 2.5 percent to $109.7 m...

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