Latest news with #MarkDarrow
Scoop
2 days ago
- Business
- Scoop
TSB Lifts Profit And Builds Momentum For Digital Investment
TSB Bank has reported another year of strong financial performance and strategic progress. The Bank delivered a net profit before tax of $57.6 million for the year ending 31 March 2025, up $6.7 million on the previous year. In the 2025 financial year $15m in dividends have been declared to shareholder Toi Foundation Holdings Limited (the investment management entity of philanthropic organisation Toi Foundation), an increase on the $10m declared in the prior financial year. Performance was underpinned by a $7.8 million increase in net operating income and a 1.7% reduction in operating costs. Lending and deposit growth remained strong, with commercial lending up 29% and deposits increasing by 2%. TSB also maintained strong asset quality, with non-performing loans at just 0.5%, below the industry average of 0.7%. Chair Mark Darrow says the results reflect the Bank's focus on simplifying operations to pave the way for accelerated investment in digital capability. 'TSB is now in a strong position to evolve into a digital-first bank that delivers on the expectations of modern consumers and businesses, while staying true to our customer-first values and high-quality service,' Darrow says. 'We're laying the foundations for long-term growth by investing in the right technologies, talent and tools. Our goal is to build a bank that earns trust through great service today and innovation for tomorrow - and to do so in a way that reflects our deep community roots.' Chief Executive Officer Kerry Boielle says TSB's progress is a testament to the hard mahi of our people and our ongoing commitment to delivering more for our customers and communities. 'We've made great progress this year in strengthening our systems and products, so in the year ahead, people can expect TSB to step up and offer more for everyday New Zealanders and small to medium sized businesses. 'With our community background we know we can provide a fantastic level of care in this space, so that's where we're focused on improving our offering.' TSB was named Canstar's Bank of the Year for Credit Cards for the third consecutive year in 2025 - recognition of its focus on delivering customer value. The Bank also continued to invest in customer protection, enhancing fraud prevention systems including rolling out Confirmation of Payee. Looking ahead, Boielle says regulatory reform is needed to support improved competition and innovation across the sector. 'While regulation is essential to a safe banking system, some requirements are disproportionate and hinder innovation. 'We're calling on policymakers to introduce true proportionality in banking legislation so that New Zealand-owned banks like TSB can invest more rapidly in the products and services our customers need.' With TSB celebrating its 175th anniversary in 2025, Darrow says the Bank is focused on future growth. 'We're incredibly proud of our legacy and excited about what lies ahead. Our ambition is to become New Zealand's digital bank of choice – one that continues to put people first for generations to come.'
Scoop
30-05-2025
- Business
- Scoop
Built To Endure: MTF's Long-Term Strategy Delivers Growth In Tough Times
Press Release – MTF While many businesses are trimming budgets, MTF is increasing its investment in its people, brand, and technology to deliver long-term value to its shareholders and customers. Releasing its FY25 half-year report, Chair Mark Darrow commented: 'We're pleased to share our Half Year Report, highlighting continued growth and investment in our people, technology, brand, and local communities. At a time when rising costs and economic uncertainty are prompting many businesses to scale back, MTF is charting a different course; one built on resilience, values, and long-term thinking.' Backed by a unique business model and powered by strategic investment in brand and technology, MTF is showing that it is possible to grow responsibly without compromising affordability for customers. 'Now more than ever, Kiwis need financial partners who are local, and on their side,' says CEO Chris Lamers. 'We are not chasing short-term gains; we are building a business that stands the test of time and helps communities thrive. Looking ahead, we're focused on what matters most -delivering exceptional customer satisfaction, growing our market share, driving total shareholder return, and building for the future through continued investment in business technology and transformation.' Holding firm while others retreat In the face of economic pressure, MTF has: Grown revenue – while reducing administration overheads by 12 percent through disciplined cost management Reduced key customer fees – including establishment, maintenance, and settlement fees – while choosing not to pass on rising costs to borrowers, protecting affordability at a time of increasing financial strain Increased market share in personal lending – with year-on-year growth of more than 20 percent, as reported by Centrix Continued investment in a new technology platform – laying the foundation for long-term efficiency, scalability, and customer experience improvements. The programme achieved a significant milestone in the first half, with the ability to process loans now live. Grown total assets up to $1.23b Refreshed the brand and increased marketing investment – driving greater awareness and preference in both vehicle and personal lending categories Achieved record originator earnings of $48.1m, up 9 percent on last six months Increased dividend by 43 percent to six cents per share At the heart of MTF's approach is its franchise & approved dealer model, with 54 locally owned franchises and 164 active dealers embedded in communities across the country. As shareholders in the business, MTF's Originators bring an ownership mindset to everything they do – driving accountability, agility, and a deep understanding of local needs – enabling MTF to remain close to its customers while scaling effectively. 'Our Originators aren't just writing loans – they are local businesspeople supporting their communities,' says Lamers. 'That model gives us strength, and more importantly, it gives us purpose.' 'In the past 12 months, MTF has increased its investment in technology and will be rolling out a new platform over the coming year. At the same time, a refreshed brand and increased marketing investment is driving greater awareness and preference for the business, showcasing the focus on small business and non-vehicle loans. 'The investment in a new platform is an investment in both technology and people, ensuring we can leverage new systems to deliver on enhanced analytics, using artificial intelligence to create better experiences for our team and our customers, as well as launch new products and continue evolving existing ones.' Lamers is frank about the pressures but remains optimistic: 'It's a competitive space, and we are realistic about the challenges. But our focus is on long-term, sustainable growth – where our customers and our shareholders have a great outcome, rather than chasing short-term wins at the cost of long-term performance.' Four years ago, MTF's Board set in place a new strategy – and that direction continues to deliver. 'The ongoing, consistent investment in business transformation and product diversification have played a key role in positioning the business to weather economic uncertainty while staying connected to customers and ready to adapt,' says Darrow. MTF's strategy stands in contrast to much of the industry – investing in future capability rather than scaling back, and choosing to grow with intention, not pressure. 'That why we will keep making lending about people – and why we'll continue to earn their trust in a changing world,' says Lamers. About MTF: MTF is 100 per cent New Zealand owned, and our history dates back to 1970. We provide innovative finance solutions to New Zealanders through our 54-strong franchise network, vehicle dealers and partners such as AMI. This has helped us grow into a business with assets of more than $1.23b. We are launching new products and partnerships while staying true to our core – that we are people helping people, powered by a world-class funding system. MTF has been recognised and rewarded as the top-rated finance company in New Zealand, in 2024 the company was awarded Reader's Digest Top Trusted Brand award in the car loan provider category and rated the top finance company on Trustpilot. MTF is listed on the NZDX.
Scoop
30-05-2025
- Automotive
- Scoop
Built To Endure: MTF's Long-Term Strategy Delivers Growth In Tough Times
Releasing its FY25 half-year report, Chair Mark Darrow commented: 'We're pleased to share our Half Year Report, highlighting continued growth and investment in our people, technology, brand, and local communities. At a time when rising costs and economic uncertainty are prompting many businesses to scale back, MTF is charting a different course; one built on resilience, values, and long-term thinking.' Backed by a unique business model and powered by strategic investment in brand and technology, MTF is showing that it is possible to grow responsibly without compromising affordability for customers. 'Now more than ever, Kiwis need financial partners who are local, and on their side,' says CEO Chris Lamers. 'We are not chasing short-term gains; we are building a business that stands the test of time and helps communities thrive. Looking ahead, we're focused on what matters most -delivering exceptional customer satisfaction, growing our market share, driving total shareholder return, and building for the future through continued investment in business technology and transformation.' Holding firm while others retreat In the face of economic pressure, MTF has: Grown revenue - while reducing administration overheads by 12 percent through disciplined cost management Reduced key customer fees - including establishment, maintenance, and settlement fees - while choosing not to pass on rising costs to borrowers, protecting affordability at a time of increasing financial strain Increased market share in personal lending - with year-on-year growth of more than 20 percent, as reported by Centrix Continued investment in a new technology platform - laying the foundation for long-term efficiency, scalability, and customer experience improvements. The programme achieved a significant milestone in the first half, with the ability to process loans now live. Grown total assets up to $1.23b Refreshed the brand and increased marketing investment - driving greater awareness and preference in both vehicle and personal lending categories Achieved record originator earnings of $48.1m, up 9 percent on last six months Increased dividend by 43 percent to six cents per share At the heart of MTF's approach is its franchise & approved dealer model, with 54 locally owned franchises and 164 active dealers embedded in communities across the country. As shareholders in the business, MTF's Originators bring an ownership mindset to everything they do - driving accountability, agility, and a deep understanding of local needs - enabling MTF to remain close to its customers while scaling effectively. 'Our Originators aren't just writing loans - they are local businesspeople supporting their communities,' says Lamers. 'That model gives us strength, and more importantly, it gives us purpose.' 'In the past 12 months, MTF has increased its investment in technology and will be rolling out a new platform over the coming year. At the same time, a refreshed brand and increased marketing investment is driving greater awareness and preference for the business, showcasing the focus on small business and non-vehicle loans. 'The investment in a new platform is an investment in both technology and people, ensuring we can leverage new systems to deliver on enhanced analytics, using artificial intelligence to create better experiences for our team and our customers, as well as launch new products and continue evolving existing ones.' Lamers is frank about the pressures but remains optimistic: 'It's a competitive space, and we are realistic about the challenges. But our focus is on long-term, sustainable growth - where our customers and our shareholders have a great outcome, rather than chasing short-term wins at the cost of long-term performance.' Four years ago, MTF's Board set in place a new strategy – and that direction continues to deliver. 'The ongoing, consistent investment in business transformation and product diversification have played a key role in positioning the business to weather economic uncertainty while staying connected to customers and ready to adapt,' says Darrow. MTF's strategy stands in contrast to much of the industry - investing in future capability rather than scaling back, and choosing to grow with intention, not pressure. 'That why we will keep making lending about people - and why we'll continue to earn their trust in a changing world,' says Lamers. MTF is 100 per cent New Zealand owned, and our history dates back to 1970. We provide innovative finance solutions to New Zealanders through our 54-strong franchise network, vehicle dealers and partners such as AMI. This has helped us grow into a business with assets of more than $1.23b. We are launching new products and partnerships while staying true to our core - that we are people helping people, powered by a world-class funding system. MTF has been recognised and rewarded as the top-rated finance company in New Zealand, in 2024 the company was awarded Reader's Digest Top Trusted Brand award in the car loan provider category and rated the top finance company on Trustpilot. MTF is listed on the NZDX.
