Search

    NEWS
    RETAIL BANKING | Cesar Tordesillas, New Zealand
    Published: 01 Jun 12
    582 views


    TSB gears up for competition - CEO

    Financial results for the TSB Bank showed 10% growth in profit to $66.5 million.

     

    This was announced by TSB Chief Executive Kevin Murphy, who said the results reveal that the bank is still delivering "excellent" profits despite a challenging economic environment.

    "We came through the financial crisis better than most financial institutions, because we are 100% New Zealand funded, and international banks are now having to fund more of their funds domestically, so that creates additional competition," he said.

    Murphy emphasized that the bank, which has been around for 162 years, is "definitely up for the challenge".

    He said TSB will stay competitive through its dedication to the "customer is king" mantra and the fact the bank is 100% Kiwi-owned.

    "There's a real move back to New Zealand ownership, other things that attract customers to us are our low fees policy, we have a no fees transaction policy, so that attracts customers, and they're enthused with that," he said.

    Murphy said the "human touch is always important".

    "It can be hard but you've always got to keep working at it, and we instill that in our staff from day one, and we keep reinforcing it, because you've got to keep reminding people that the customer is king."

    Numbers of customers depositing funds increased by $273 million, or 6.15% to a record $4.7 billion.
    TSB Bank has also matched its bigger banking rivals by cutting its two-year fixed mortgage rate to 5.5% per annum.

    For more.



    Sign up for our newsletter

     

    Do you know more about this story? Contact us anonymously through this link.

    Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

    To get a media kit and information on advertising or sponsoring click here.

    Tags: bank profits, New Zealand banks, TSB Bank, TSB Chief Executive Kevin Murphy

    LATEST RETAIL BANKING JOBS »
    • No jobs posted on this category.
    PRINT ISSUE »

    Subscribe Now
    China moves from WMPs to AMPs

    117 views

    The yin and yang of Qianhai

    110 views

    Malaysian SMEs snub hedging products

    106 views

    MOST READ EXCLUSIVES

    13 most exclusive credit cards in Singapore

    13 most exclusive credit cards in Singapore

    Some of which you’ve probably not heard of.

    by KRISANA GALLEZO
    27 Aug 2014 | 122051 views
     

    11 craziest credit card purchases in Singapore

    11 craziest credit card purchases in Singapore

    Find out if each is worth the outlay.

    by KRISANA GALLEZO
    22 Sep 2014 | 43513 views

    Are Asian banks ready for organizational reshuffling to keep up with regulation shifts?

    Are Asian banks ready for organizational reshuffling to keep up with regulation shifts?

    Singapore banks are lauded for being very ready.

    by STAFF REPORTER
    16 Sep 2014 | 700 views
     

    How Asian banks are dealing with digital banking and social media capabilities

    How Asian banks are dealing with digital banking and social media capabilities

    Are all banks on the same level?.

    by STAFF REPORTER
    9 Sep 2014 | 697 views
    close Don't Show Again

    STAY INFORMED! Get our free weekly newsletter