Small bank, big profit

By PAULA OLIVER

It may be smaller than the big five banks, but the Taranaki Savings Bank has comfortably churned out its 16th consecutive increase in annual profit.

In a result released yesterday, TSB managing director Kevin Rimmington said that record growth in home lending helped the bank to a net profit of $21.4 million - a 15.7 per cent increase on last year's figure.

The bank is owned by a community trust that disperses its profits to local groups and organisations.

Based in New Plymouth, TSB is considerably smaller that the country's big five banks but it consistently tops customer service surveys with a "real people, real service" motto.

Rimmington said TSB had experienced strong demand for its home lending services in Auckland over the past year.

TSB's home lending portfolio now totalled $1.06 billion, and over the year deposits climbed $181 million to $1.67 billion.