TSB Bank boosted commercial lending by 29%, to $222 million, in the March year, its annual report shows.
The total loan book grew by 3%, to $7.7 billion.
That comprised 13% commercial, up from 10% in the March 2024 year, while residential lending shrank from 86% to 83%.
Agricultural (3%) and personal lending (1%) were unchanged.
The bank posted a pre-tax profit of $57.6 million, up 13% from a year earlier, and a net profit of $41.2 million.
Net operating income rose by $7.8 million to $209 million and operating expenses fell by $1.7 million to $149.7 million.
Net interest income was 3.5% higher at $192.2 million.
Return on average shareholders equity was 5.4%, up from 4.6% in 2024.
Deposits rose by $185 million or 2%, to $8.7 billion.
In a joint statement Chairman Mark Darrow and CEO Kerry Boielle called on policymakers "to amend capital settings and introduce true proportionality in legislation to ensure New Zealand-owned banks like TSB are given a level playing field to better compete."
Some regulatory requirements were "disproportionate and reduce sector competitiveness and innovation."
TSB had enhanced its digital products in its efforts to "transform into a digital-first bank," they said.
TSB's vision is to become "the easiest bank to deal with."
The Board approved a Climate Transition Plan.
"The insights we’ve gained from our climate-related disclosure work has given us a good understanding of what climate change means for our strategy and business model, to focus our work going forward."
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.