TSB committed to enhancing customer care in new COVID-19 landscape 

TSB’s annual result reflects the significant impact COVID-19 is having on New Zealanders and highlights the Bank’s commitment to continuing to evolve and enhance its customer care. 

TSB’s Annual Report, released today for the year ended 31 March 2020, shows an annual net profit before tax of $41.5m, down from $62.6m in 2019, primarily as a result of an increase of $19.1 million in credit provisioning.  

TSB Chief Executive Donna Cooper says after a strong first half of the financial year, TSB was tracking for an annual result in line with 2019. However, Ms Cooper says an increase in expected loan impairments due to the economic impacts of COVID-19 have significantly impacted the full year result. 

“Our operating environment has changed rapidly and significantly and has had a clear impact on the Bank’s financial performance. Having said that, TSB’s funding and liquidity positions remain strong and our capital levels are well above those required of us by our regulator.  

“This confirms that TSB is in a strong position to continue playing an important role in helping New Zealand through its recovery from the COVID-19 crisis. 

“TSB is a New Zealand owned bank with a clear purpose to unleash our unparalleled customer care for community good. We’ve stepped up and delivered on that promise more than ever before for our customers over the last few months and we’re committed to continuing that. 

“Our operating environment is completely different from what it was last year – or even six months ago. 

“In this new landscape, where Kiwis are facing significant economic challenges and expecting more options for their banking needs, we’re focussed on evolving TSB’s service model to further enhance our multi award-winning standards of customer care.” 

During the COVID-19 lockdown, TSB proactively called customers who might need assistance, including business customers and many over 70-years. TSB was also the first bank to launch support package information and an online application process for the COVID-19 Mortgage Payment Deferral. 

“The whole TSB whānau has gone the extra mile to support our customers through this challenging period. I’m immensely proud of the customer care our people are providing and the response we’ve received has been overwhelming. 

“As a result of COVID-19 we were forced to adapt quickly, and so were our customers. Now we’re determined to take what worked well for us through that time and use it to evolve, so we continue meeting our customers changing needs and expectations in this new operating environment. 

“As part of this, we’re looking at ways we can support even more people who want to bring their home loan or small to medium sized business banking to TSB. 

“This is an incredibly important time to support New Zealanders to look after their financial health. We’re immensely proud of our award-winning customer service, so we’re looking at what else we can do to continue making sure Kiwis are supported with proactive, consistent and quality service for their more complex banking needs,” says Ms Cooper.  

“We know New Zealanders are choosing to do more of their banking via digital services. So we’re focussed on growing our digital offering while also making sure we maintain the personalised customer care we’re famous for, in the moments that matter, like buying a home or starting a business. 

“A great example of this is the launch of TSB Virtual Bank. Our website portal allows people anywhere in the country, at any time of day, to join TSB, open an account or apply for a credit card, personal loan or insurance in just a few minutes. That’s a simple and convenient experience for New Zealanders when it comes to their more straightforward banking needs.  

“TSB Virtual Bank also gives New Zealanders the ability to instantly book a video call with a mortgage manager at a time that suits them, from anywhere in the country.  

“During lockdown we all became experts at video calling and operating remotely, so we’ve embraced that as an opportunity to offer more Kiwis convenience, without losing our human centred customer care. 

“Technology like this also means the reasons people visit our branches is changing. As a result, we’re excited to trial a new style of in-branch care, which is more focussed on conversations than transactions, when our new Christchurch branch in the heart of the city opens later this year.” 

TSB is also looking to invest in additional coaching for frontline employees and proposing to create a dedicated Centre of Excellence for Risk Management to advance the Bank’s maturity with reporting, control testing and assurance.  

“We’re looking at ways to simplify tasks and we’ll continue to invest in building the expertise of our teams to support even more effective relationships with our customers to help with their financial future,” says Ms Cooper. 

“We want to give New Zealanders more reasons to choose TSB and our commitment to enhancing our already award-winning customer care will help us achieve this and put our profit to purpose to do more community good.” 



View TSB’s full Annual Report 


Philippa Walker
TSB Media & Communications Manager


027 378 3759 / philippa.walker@tsb.co.nz