Mortgage News

Christchurch provisions hit SBS Bank's March Qtr profit

Friday 1st of July 2011

The bank's annual report shows net profit for the three months ended March fell to $2.7 million from $4.9 million in the March quarter last year, taking annual net profit to $14.2 million, down 5.2% on the previous year.

SBS' charges against profit for bad loans jumped to $8.1 million from $5 million in the year-earlier quarter. "Though we have the comfort of knowing our lending is secur...

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