17 Jun 2010

PSIS profit up

6:01 am on 17 June 2010

PSIS made a $13.1 million profit in the year to March.

The result is a 65% improvement on last year for the banking co-operative.

Chairman Sir David Gascoigne says the record profit is primarily due to a combination of favourable interest rate margins and small number of bad debts.

Deposits climbed 5% to $1.1 billion. Sir David says the capital adequacy ratio is now more than double the minimum regulatory requirement, at 17.1%.