28 Oct 2009

Record profit reported by TSB

12:21 pm on 28 October 2009

TSB Bank has posted a record profit for the six months to the end of September.

It made a profit after tax of $29.2 million - the highest in the bank's history.

Its loan book grew by more than 10% to just over $2.2 billion. TSB also has $3.69 billion worth of funds on deposit, up nearly 20% on a year ago.

Chief executive Kevin Rimmington says the bank has been insulated from the credit crisis because it is 100% New Zealand owned.

He says 70% of its growth is from outside Taranaki, where the bank is based.