BankSA continues to back growth and investment
Monday, 4 November 2019
BankSA has continued to support economic activity in South Australia, with solid growth in business lending a key highlight for the year ending 30 September 2019.
BankSA CEO, Nick Reade, said increased business lending, particularly in relation to small business, demonstrated the bank’s commitment to supporting the local economy.
“BankSA backs more local SME businesses than any other bank and this investment is reflected in our results,” said Mr Reade.1
Key highlights for the year ended 30 September 2019 compared to the previous comparable period include:
- Total lending increased 1.5%
- Small and medium business enterprise (SME) business lending increased 4.4%
- Total business lending increased 2.8%
- Home lending increased 1.3%
- Deposits increased 5.6%
Mr Reade said that the bank’s customer base also continued to grow at a higher rate than the state’s population growth.
“BankSA has continued to support more South Australians this year, whether it be to buy their own home or start and grow their own business,” Mr Reade said.
“Our strong support of small and medium business continued with an increase of 4.4% in business lending over the year, demonstrating BankSA’s determination to encourage more investment in our state.
“We know that small business is integral to our economy and a key creator of jobs for South Australians, and that’s why we have continued to back more businesses each year.”
While home lending grew at a more modest rate, reflecting a more challenging regulatory market and consumer sentiment, BankSA was more likely to be recommended than any other major bank by both consumer and business customers.2
“This supports our focus on putting the needs of our customers first and foremost in every interaction,” said Mr Reade, “and I’m really pleased that this genuine care is being felt by our customers across the board.”
Catalyst for growth
Earlier this year, BankSA announced a major sponsorship to support the establishment of a Living Lab at Adelaide’s Lot Fourteen, in partnership with the State Government and world-leading university, the Massachusetts Institute of Technology (MIT).
“We are now firmly focussed on getting the Living Lab established so we can demonstrate the value of combining big data, some of the best minds in the world, and local researchers to pinpoint roadblocks for our state, and provide insights to generate economic growth,” said Mr Reade.
“The Living Lab is the first of its kind in Australia - we’re leading the nation in looking at new ways to collaborate and take action to back our state.”
Support for local communities
BankSA continued its strong support of local communities through major event sponsorships – including 14th year as Principal Partner for the Adelaide Fringe and Presenting Partner of South Australia’s largest event, the Royal Adelaide Show - which engage communities across the state and support increased economic activity.
The BankSA Foundation, driven by staff donations, contributed $310,671 to 12 small local charities that are making a big impact in the community. It is anticipated this funding will positively impact up to 22,494 South Australians facing social, economic or physical disadvantage.
The bank’s support for homelessness services through the CEO Sleepout reached a record contribution of $206,304 – the highest amount raised nationally for the third year in a row.
“The team at BankSA are passionate about supporting our customers and communities – in good times and bad – whether it be volunteering at local community events or raising valuable funds for people doing it tough.”
1Data source is DBM Consultants SA 12mma as at Aug-19.
2Data source is DBM Consultants consumer NPS SA 6mma as at Aug-19, business NPS SA/NT 12mma as at Aug-19.