Banking small fry hold their own

By RICHARD BRADDELL

Banking service minnows Southland Building Society and PSIS have reported steady growth in the March year just ended, with SBS topping $1 billion in assets for the first time.

Although both are mutuals and neither is a registered bank, they have held their own in a competitive market, offering lending, banking and insurance to retail customers.

SBS reported a net profit of $7.9 million, and an operating surplus of $11.8 million, up 7.5 per cent. PSIS reported an 11.5 per cent profit jump to $4.8 million, while pre-tax operating earnings were up 7.2 per cent to $7.6 million.