Search

NEWS
RETAIL BANKING | Cesar Tordesillas, New Zealand
Published: 01 Jun 12
576 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

89 views

The yin and yang of Qianhai

73 views

Malaysian SMEs snub hedging products

77 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 | 99943 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 | 40227 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 | 513 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 | 491 views
close Don't Show Again

STAY INFORMED! Get our free weekly newsletter