Mark McLeanA push into the first home buyer market has seen New Zealand’s southern-based bank increase its operating surplus by 11%. SBS Group — which includes SBS Bank, Finance Now, FANZ and SBS Insurance — recently released its full-year results to March 31 which showed the banking group post an operating surplus of $61.3million, up from $55.2million the previous year. The bank’s lending rose $365million to $4.4billion during the period, largely due its increase in lending to first-home buyers. In August last year, the SBS started targeting the first home buyer market launching its own package combining the group’s services with lower interest rates. The bank also announced a new 12-month term investment rate of 4% to keep pace with interest rates rising.

Source: Otago Daily Times June 05, 2022 22:37 UTC