A strong focus on providing benefits to members helped SBS report a record profit for the year ended March.
The Invercargill-based bank reported an operating profit of $26.1 million for the financial year, an 18.6% increase on the $22million reported in the previous corresponding period (pcp).
The record reported profit of $19.4million was up 24.3% on the $15.6million reported in the pcp.
Group chief executive Wayne Evans told the Otago Daily Times the highlight for him was the execution of the tightly planned strategy which meant the bank increased its market presence, profile in the community, its online presence and training of staff.
The financial year was divided between six months of profit growth driven off higher margins and six months of increased lending.
As part of the plan to gain recognition in the important North Island markets, SBS had employed mobile mortgage managers to spread the world on what SBS could offer customers, he said.
Mr Evans had driven the increased use of social media by SBS and that had paid dividends with 300,000 Facebook likes as members shared membership benefits with family and friends.
''Over the year, we've begun to provide members with tangible benefits, including exclusive offers and preferential pricing. It's part of thinking outside the square.''
Asked about the year ahead, Mr Evans said he expected ''solid growth'' and the bank would continue to invest in staff, technology and the plan of refreshing and rejuvenating its brand and branches.
As well as giving back more than $1million in rebates to SBS members during the year, significant work was done in the past year to position the bank to be ''New Zealand's member bank'' both in terms of enhancing the value delivered to current members and continuing to attract the next generation of members.
SBS had 17 branches across the North and South Islands along with mobile banks in Auckland and Christchurch.
At balance date, members' equity was $239million, up 4.2% on the pcp. Retail deposits were $2.52billion while capital adequacy was 15.61%, up from 13.69% last year and above the regulatory minimum of 8%, the accounts showed.
Total assets at balance date were $2.86billion, up 2.7% on the pcp and reflecting expansion across the group.
