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By Gareth Vaughan
SBS Bank is back in lending growth mode, something Tim Loan its general manager for finance attributes - at least in part - to a more aggressive approach to loan pricing.
The latest SBS general disclosure statement shows gross loans up $31 million, or 1.4%, in the September quarter to $2.285 billion, and home loans, based on its loan-to-value ratio (LVR) disclosure, up a net $33.4 million, or 2%, to $1.680 billion.
Although SBS did grow lending in the June quarter, this was driven by the acquisition of a reverse equity mortgage portfolio valued at $46 million. In the year to March SBS' gross lending fell by 8% as it struggled with stiff competition from bigger competitors. SBS appointed Matt Isbister, formerly its Nelson branch manager, as its Auckland area manager in June and has been generating predominantly third party originated lending in the City of Sails through brokers. Loan said, however, that even without this new Auckland business, SBS would be growing lending.
Loan also told interest.co.nz about a possible trial of a smaller branch layout, and the potential for SBS to lift its stakes in Finance Now and Funds Administration New Zealand to 100%.
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