PSIS plans investment as profit rises to $7.6m

Financial services co-operative PSIS yesterday reported a net profit of $7.6 million for the year to March 31, up 9.3 per cent on the previous year.

Chief executive Girol Karacaoglu said the result was a continuation of PSIS' "path of sustained growth".

Total assets increased 14.6 per cent to $759.1 million, and deposits increased 15.4 per cent to $653 million.

Loans were up 21.3 per cent to $587.3 million. Net after-tax profit of $7.6 million was up 9.3 per cent on the previous corresponding period.

But Karacaoglu said the PSIS would be unlikely to increase its profit this financial year because of investment plans.

The PSIS would open more branches and commit to more staff training - "investing more in our business and our people".

The former Public Service Investment Society was established in 1928 and opened to the general public 15 years ago. It is a customer-owned co-operative and has 125,000 members.

Karacaoglu has signalled plans to expand the business in response to competition from state-owned Kiwibank.

He plans to attract more customers, particularly in the regions, by trading on PSIS' 100 per cent customer satisfaction rating in banking surveys.

- NZPA