29 May 2018
The page you're after isn't on our new website just yet, but you can find it on our old site.
Would you like go there now or keep looking around here?
You’ll notice our name and colours have changed along with how our website. Although we now look different, the way you do things on our website remains the same.
Our promise of putting you first remains part of our philosophy and we’ll continue to provide award-winning customer service and experiences.
New Plymouth, New Zealand - TSB Bank today reported profit before tax of $64.5 million for the 12 months to 31 March 2017.
“TSB Bank delivered a solid year both financially and in relation to our strategic objectives,” said TSB Bank CEO Kevin Murphy, “One of our key objectives this year involved significant investment in our people and technology to position us for future growth. This was reflected in the predicted increase in our cost to income rate from 46.6% to 53.9%.”
In FY2017 the Bank increased our full time equivalent employees by 14% to retain a strong focus on customer delivery and performance objectives.
We also launched several new technology enhancements that improve customers’ experiences and provide internal efficiencies. A new lending application system has reduced the time to process a loan with multiple efficiencies and customer benefits. And our redesigned website has significantly increased our online interactions as well as requests to join from new customers.
Amongst increased operating expenditure we have retained our focus on operating a well-funded balance sheet. TSB Bank's Capital Adequacy Ratio continues to be strong at 14.6%, up slightly from last year’s 14.5% and well above the Reserve Bank of New Zealand’s minimum requirement of 10.5%. “We are in a good position in comparison to other New Zealand banks,” said Mr Murphy, “This provides reassurance for customers and our shareholder in light of the Reserve Bank’s capital adequacy framework review which commenced in April 2017 and will affect all locally incorporated registered banks.”
The Bank’s deposits increased 9.4% and hit a record high of $6.1 billion. These results are attributed to record customer growth, market leading customer service and competitive pricing of our deposit product offerings. The competitive market is expected to continue in the coming year as banks realign their funding requirements, lending rates trend upwards and margins tighten.
The Bank received multiple awards for its commitment to its people and customers. The Bank was awarded Consumer NZ’s People’s Choice award for Banking for the second year in a row, Canstar Blue’s Most Satisfied Customers Award in banking and the HR Institute of New Zealand’s award for Workplace Engagement Programme of the Year. “Our recent awards provide us with valuable feedback about how we are demonstrating our value of putting people first in everything we do,” said Mr Murphy. “The year ahead is an exciting one for TSB Bank in which we plan to build on this momentum to become even more relevant to our customers and help our people to reach their full potential.”
Founded in 1850, TSB Bank has been independent and 100% New Zealand owned since inception. With its head office in New Plymouth, in the heart of beautiful Taranaki, the Bank has 25 locations across New Zealand. The Bank holds an A- credit rating as assigned by Fitch Rating. To find out more, visit www.tsbbank.co.nz.
For further information email us, or contact:Brent Woodhead
P. 06 968 3950
M. 021 756 879Zaneta Ewashko
Community Engagement Manager
P. 06 968 3707
M. 027 554 4093
© TSB BANK LIMITED 2008-2018. Use of this website is subject to our Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.