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SBS Bank full-year result
5 June 2024
This week we were proud to announce another year of solid growth as we helped a record number of Kiwis into homes. The SBS Group, which includes our subsidiaries SBS Insurance, SBS Wealth and Finance Now, announced a surplus before tax of $56.6 million for the year ending 31 March 2024, an increase of $5.1 million or 10 per cent on the previous year.
SBS Bank Group Chief Executive Mark McLean says the increase was due to strong lending growth and a one-off gain from the sale of an associate, partly offset by the impacts of margin compression, ongoing investment in the business and an increase in credit impairment expense.
During the year, 6,650 new members joined SBS Bank as we welcomed strong numbers of both first home buyers and investment members.
SBS Group CEO Mark McLean said, “We are delighted to be the trusted financial partner in the lives of 86,000 members across New Zealand as we grow and succeed as a wholly New Zealand-owned mutual organisation, investing back into New Zealand.”
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