The increase in operating surplus, growth in total assets, strengthening of members equity and the opening of a branch in Havelock North had been highlights of the past year, Smith said.
"Our growth over the past 12 months has been a modest $28 million, on the back of a slow housing market and aggressive competitor activity.
"Our priority, as always, is to look after both new and existing customers and to offer the same competitive rates and superior service to all."
Asked for a particular highlight in a difficult trading year, Smith said the year was not one in which to grow the business.
Instead, SBS used it to consolidate its business and balance sheet, strengthening its capital position to meet all regulatory requirements.
SBS Bank's cash flows from operating activities increased significantly to more than $189 million from $25 million in the previous period.
Bank general manager finance Tim Loan said the change in net advances was significant to the cash flow balance as it had caused a large inflow in cash.
Repayments in the Canterbury region accounted for about half and there was the natural outflow that occurred with a mortgage book.
"Normally, that's well and truly offset by new mortgage lending but this year has been difficult for new mortgage lending, particularly as the key growth here has tended to be in Auckland where we are not represented."
Cash had also been positively affected by an increase in depositors' funds, which was pleasing, Loan said.
Smith said no staff had been laid off during the year, despite a branch having to be closed in Christchurch because of earthquake damage.
As staff left, some were not replaced but he estimated the bank was only two or three staff down from last year.
Christchurch was still difficult for many of the bank's clients.
"The rebuild, it's going to happen is the catch-cry," he said.
"We are not sure when. Our job is to manage the relationship with our customers and staff. A lot of people are in a very difficult situation.
"The payments for red zone residents have allowed some people to move on but those poor people who haven't received their insurance payments - it's an absolute mess."
It was near impossible to understand what it was like to live in broken-down homes in desperate circumstances, Smith said.
There were signs of movement in the commercial areas of Christchurch but not a lot of activity in the residential markets. It appeared that getting the central business district up and running had become a priority, he said.
SBS chairman Acton Smith will retire from the board at the annual meeting in Invercargill on July 18.
