BankSA helps more South Australians buy homes and start businesses with solid half year result
Monday, 7th May 2018
BankSA has announced a $114 million net profit after tax for the six months to
31 March 2018, up 7 per cent on the previous corresponding period.
BankSA Chief Executive, Nick Reade, said the results reflect BankSA’s commitment to helping more South Australians.
“We are passionate about helping South Australians to own their own homes and start and grow their businesses, and this is reflected in a 4 per cent increase in overall lending,” said Mr Reade.
Key results compared to the previous corresponding period include:
- Total lending increased by 4%;
- Business lending increased by 2%;
- Small and medium enterprise (SME) business lending increased by 10%;
- Home loans increased by 5%;
- Deposits grew by 2%; and
- Net customer growth was double South Australia’s population growth.
BankSA’s home lending and SME business lending was particularly strong, with increases of 5 per cent and 10 per cent respectively.
“The small business sector is integral to South Australia’s economy so it is really important that we continue to help businesses to innovate and grow”.
“It is also encouraging to see confidence in the South Australian economy showing signs of improvement, and this in turn generates more activity from both consumers and businesses.”
BankSA continued to invest in its branch network this half with a new flagship branch opened in Rundle Mall, a new branch at Unley, and significant refurbishments committed for Norwood, West Lakes and Woodville Park.
“We continue to invest in our customer experience, whether this is in-branch, or using the latest technology,” said Mr Reade.
Mr Reade said the bank was trialling market-leading artificial intelligence technology with home lenders to provide timelier outcomes for customers. Called Astro, it has the ability to learn from its interactions and to become more advanced with the information and service it provides.
“It is still early in the trial phase but the potential for this type of technology to improve customer service is really significant and we’re excited to be at the forefront of using this technology in our business.”
BankSA also strengthened its support of the South Australian community and the BankSA Foundation.
Mr Reade said BankSA was passionate about its partnerships and chose to get behind initiatives and events that supported the community, encouraged participation, generated economic activity and made South Australia a great place to live and visit.
“Our partnerships are one way that BankSA gives back to the South Australian community,” said Mr Reade.
“This year’s record-breaking Adelaide Fringe was BankSA’s 13th as Principal Partner, and we have increased our support to another iconic South Australian event, the Royal Adelaide Show, to become its Presenting Partner.
“And I am particularly proud that our BankSA Foundation has provided more than $122,000 – driven by the generosity of employee giving - in community grants to worthy local charities in this half alone.”