Focus on supporting state’s economic growth underpins solid half year result for BankSA
Monday, 6 May 2019
BankSA has announced a $114 million net profit after tax for the six months to 31 March 2019.
BankSA CEO, Nick Reade, said the bank continued to focus on supporting economic growth in the state.
“By helping more South Australians become homeowners and backing more local businesses than any other bank1 , this result demonstrates our focus on stimulating our local economy and supporting our state,” said Mr Reade.
Key results compared to the prior corresponding period include:
- Total lending increased by 4%;
- Business lending increased by 5%;
- Small and medium enterprise (SME) business lending increased by 7%;
- Home loans increased by 3%; and
- Deposits grew by 4%.
Mr Reade said that BankSA’s understanding of local economic conditions, and strong connections to customers and the community, underpinned its growth across all segments.
“We have focussed on ensuring our customers have the support they need to grow, which in turn helps to stimulate confidence and activity.
“The small business sector is integral to South Australia’s economy and I am particularly pleased that our financial support of small and medium business has continued to increase,” said Mr Reade.
“We continue to be the first choice for many South Australian businesses, with more customers likely to recommend us than any other major bank2.”
Mr Reade said that home lending increased 3 per cent compared to the prior corresponding period, reflecting a more challenging consumer environment and tighter regulatory requirements for borrowing.
In addition, BankSA is supporting customers’ financial health with access to financial education seminars, providing valuable tools and information to help them manage their finances, from everyday budgeting, through to important life events such as buying a house and planning for retirement.
BankSA also opened a new branch in Darwin CBD to better serve the Northern Territory, providing customers with an improved banking experience in a more convenient location.
“We are continually assessing opportunities to invest in a better banking experience for our customers, whether that be in-branch, via the latest technology, or by providing the skills and education to help them prosper,” said Mr Reade.
BankSA continued to build on its partnerships to support the community, encourage participation, and generate economic activity for the state.
This year’s support for the Fringe festival saw record-breaking ticket sales and was BankSA’s 14th year as Principal Partner.
“We are passionate about being a catalyst for growth and vibrancy in our state - and our partnership with the Fringe is just one of the ways we are doing that for the benefit of all South Australians.”
This year, the BankSA Foundation, which is underpinned by staff donations, has provided more than $164,000 in funding to small local charities that are making a big difference in the lives of South Australians.
1 Based on independent market research conducted by DBM Consultants Pty Ltd. 1608 South Australian Business Banking customers were surveyed over a 12 month period to February 2019.
2 Based on independent market research conducted by DBM Consultants Pty Ltd. BSA received a Net Promoter Score of +9.1 in February 2019, from a survey of 300 BSA Business Banking customers. Major banks defined as CBA, ANZ, Westpac, NAB.