TSB lifts profit 11 percent, lifting rural, commercial lending

Thu, 30 May 2013

May 31 (BusinessDesk) - TSB Bank, which took a quarter stake in fund manager Fisher Funds earlier this year, lifted annual profit 11 percent as it lifted rural and commercial lending faster than its traditional sector in household mortgages. Net profit rose to $53.1 million in the 12 months ended March 31, from $47.8 million a year earlier, the Taranaki-based bank said in a statement. Net interest income rose 3.8 percent to $107 million, while charges on impaired assets fell to $2.1 million from $3.4 million a year earlier. The annual prof...

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