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A bank has recorded a net profit after tax of $229million for the last financial year, which it says was underpinned by strong growth in home lending and business lending.
BankSA said that small business lending in particular saw the biggest growth, with an increase of 10% on the year before. Home lending was up 7% and total business lending was up 5%.
BankSA Chief Executive, Nick Reade, said the result demonstrated the bank’s above average growth in key focus areas in the South Australian market.
Reade said, “Over the past year, BankSA has generated customer growth at twice the rate of population growth in this state.
“I am particularly pleased that this growth has spanned both home and business lending.
“This reflects our focus and determination to support more South Australians into their own homes, and encourage more businesses to start and invest here.
“The small to medium business sector was particularly strong for BankSA, with a 10% increase in lending compared to the same period last year.
“Small business is integral to the South Australian economy so it has been encouraging to see increased confidence and activity in this part of the market.”
Over the last financial year the bank spent $9.4m in investing into its branch network to provide better customer experiences.
It also launched online and mobile alternatives to home loan applications.
Reade said, “We understand that many of our customers are busy and need flexibility so we are pleased we can now offer a state-of-the-art online solution, to complement our personal service in branch.”
