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Deposit, loan growth helps lift TSB annual profit 21% to NZ$74.3 mln

Deposit, loan growth helps lift TSB annual profit 21% to NZ$74.3 mln

Deposit, loan growth boosts TSB annual pre-tax profit 21% to NZ$74.3 mln.

TSB Bank's annual pre-tax profit has climbed 21% to NZ$74.3 million for the year to March, boosted by solid growth in customer deposits and loans.

The bank said the annual profit rise, NZ$13.1 million year-on-year, was its 23rd consecutive year of profit growth.

TSB said its loan portfolio rose by NZ$279 million to NZ$2.4 billion. Depositors’ funds rose by NZ$549 million to NZ$4 billion.

With its Capital Adequacy Ratio at 15.90%, TSB said this remained the highest of all New Zealand retail banks.

“While the majority of financial institutions in New Zealand continue to experience fallout from the global financial crisis, an increased national demand for our services saw most of our growth projections, including market share, depositors’ funds and home loan growth, exceeded over the past 12 months,” says TSB Bank CEO, Kevin Murphy.

“Delivering our 23rd year of record profit at this time is a reflection of the Bank’s ownership, funding and investment strategy, which has largely shielded us from the effects experienced by internationally owned banks.”

Murphy said the bank's deposits had grown 30% in 18-months. Over the year TSB had upgraded its internet banking service, developed a new web-based banking service with further roll-outs planned over the coming months. It also opened a new service centre in Christchurch and plans additional service centres over the next few years as part of its growth strategy.

Murphy noted that TSB had retained its ‘best bank’ customer service rating in the Roy Morgan Consumer Banking Customer Satisfaction Report for a record tenth year.

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