TSB year confirms it’s on the right track for future growth

TSB’s annual results, including strong residential lending and receiving three industry awards for products and services, demonstrate the Bank is on the right track to achieve its vision of being the easiest bank to deal with. 

TSB reported a net profit before tax of $28.9million for the financial year ending March 2023, meaning it will provide $10million in fully imputed dividends to Shareholder, philanthropic organisation Toi Foundation. 

The Bank delivered strong net operating income, up $31m and 17%, however profitability was impacted through ongoing work to strengthen foundations for the future, including IT investment and responding to regulatory compliance matters.  

A highlight of TSB’s annual result was strong residential lending, in which the Bank outperformed the market at 1.6x system growth, with lending assets increasing a further 6% to $6.2 billion. 

This was topped off by TSB being awarded the following external industry recognition: 

• Canstar’s 2023 Bank of the Year - Home Loans Award, based on winning Canstar’s 2023 Outstanding Value Home Lender Award and Canstar’s 2023 Outstanding Value Investment Home Lender Award. 
• Canstar’s 2023 Bank of the Year - Credit Cards Award, based on winning Canstar’s 5-Star Ratings for Outstanding Value Low Rate Credit Card 2023 and Outstanding Value Rewards Credit Card 2023. 
• Consumer New Zealand People’s Choice Award for Banking in 2023 - the only bank to receive this accolade for eight years in a row. 

CEO Donna Cooper says TSB has taken big steps forward this year in developing and delivering compelling, easy to use products which live to the Bank’s reputation for customer service, while also providing more reasons for New Zealanders to choose TSB. 

“This year we’ve put a lot into uplifting our home lending and credit cards product offering and supporting service options, so to win industry awards across all three, as well as to bring on twice the number of new customers we anticipated, proves we’re on the right track.  

“We’ll continue to build on this in the years to come as we modernise our bank to embrace consumer shifts and achieve our vision of being the easiest bank to deal with.” 

This year TSB has made significant investment to ensure it has strong technology and regulatory foundations from which it can create more compelling products and services and deliver stronger future growth and results. 

“New Zealanders want to do their day-to-day banking from the palm of their hand with intuitive, digital-first products, so TSB is listening and responding to transform our offering and set us up for a long and successful future. 

“This means this year we’ve rightly been focused on embedding automation and enhanced processes and systems across our organisation, to support making things easy for our customers and our people.  

“It’s important we get our bank in a strong position to be more efficient and nimble, as we work to deliver a more digitally savvy offering in the years to come.”