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TSB Bank Delivers Record Growth Despite Global Crisis

Fuseworks Media
Fuseworks Media
TSB Bank Delivers Record Growth Despite Global Crisis

29 MAY 2009 - As banks worldwide hunker down to weather the global economic crisis, one New Zealand bank is bucking the trend: TSB Bank, which today announced its record-breaking 22nd consecutive year of profit growth.

TSB Bank's tax-paid profit for the year ended 31 March 2009 is $42.9 million - a 9.2 percent increase on the 2008-year result.

Meanwhile, increased support for the bank saw funds on deposit increase by nearly $600 million to $3.5 billion and its loan portfolio reach a record $2.1 billion.

"The explanation for our continuing success is simple," says Kevin Rimmington, TSB Bank Managing Director and CEO.

"We are focused on our customers' needs and we deliver meaningful benefits directly to them, such as low or no account fees, market-leading home loan rates and consistently excellent customer service."

The 2007 Auckland University Bank Customer Satisfaction Survey ranked TSB Bank 'Best Bank' ahead of all other banks in New Zealand for the seventh consecutive year. The 2008 Roy Morgan Financial Institution Monitor also gave TSB Bank the highest customer satisfaction rating.

"Because TSB Bank is wholly New Zealand-owned and is entirely funded from within New Zealand, we have been effectively insulated from the crises affecting many of the overseas-owned banks," says Mr Rimmington.

"Further, our investment strategy has always been largely customer focused. Most of our investments, up to 65% of our assets in fact, go into providing home loans for everyday New Zealand families. This has been our investment mainstay for more than 150 years now - it will continue to be so."

TSB Bank's performance is backed by a Capital Adequacy Ratio of 16.9 percent, well above the international standard of 8 percent and the highest of all New Zealand retail banks.

New office openings during the year in Queen Street Auckland, Takapuna, Napier, and Palmerston North have extended the Bank's face-to-face service options - and rounded off a year of exceptional growth.

"We're very grateful to our customers for their ongoing loyalty and support - and to our dedicated staff for ensuring our customers receive the standard of service they expect and deserve," says Mr Rimmington.

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