SBS chairman to step down

John Ward
John Ward
SBS Group chairman John Ward is stepping down next month.

In a statement following its annual result, the bank said Joe O’Connell, who has been a director since 2017, would take over from Mr Ward following its annual meeting.

Chief executive Shaun Drylie acknowledged Mr Ward’s commitment and the vision he had brought to the organisation.

He has held the position since 2012.

The group which includes subsidiaries Finance Now, FANZ and Southsure, reported an operating surplus of $55.2million for the year ending March 31, up from $21.3 million the previous year.

SBS Bank members’ equity was up $58 million on last year to $389 million.

Its total capital ratio also increased from 13.8% to 15.7% during the period.

Last year, the company cut 10 jobs, reduced opening hours at some of its branches and reduced working hours for some staff to cut costs.

Mr Ward said the long-term strategic focus on achieving quality growth meant the group was well positioned to face the challenges that ensued during the 2021 financial period.


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