SBS lifts surplus

SBS Bank said its operating surplus in the first quarter ended June 30 was $5.4 million from $5.3 million in the same period last year.

General manager finance Tim Loan said it was pleasing to defy the current economic odds through prudent business management.

Capital increased 8.5 per cent over the quarter to $223 million. SBS was formerly known as Southland Building Society.