Bank of Sydney announces strong half year performance

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Bank of Sydney announces strong half year performance and further investment in people, digitisation and expansion

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Friday, 28th July 2017

Bank of Sydney is pleased to announce a record performance and an above budget result for the half year end to 30th June 2017. The projected forecast indicates that the full year performance will also be ahead of budget.

“We have been working extremely hard to expand momentum and growth in our Bank. I am very proud of our strategy and efforts to grow in such a competitive climate, whilst maintaining our conservative risk profile” said Mr. Miltos Michaelas, CEO of Bank of Sydney. “Our success and agility reflects the quality of our staff, who have welcomed the continuous change process and support it with vigor.  Our strategy is bringing out the best in our staff; our vision is to develop our Human Resource strategies to in turn develop and reward these qualities further.”

“Our capital level remains extremely strong at 21.86% Tier 1 Capital Ratio, and the Bank of Sydney brand recognition is strengthening in line with our strategy, both solid foundations for further growth” noted Mr. Michaelas.

To support growth and performance the Bank is modernizing its technological capability. The Bank has launched two major projects to upgrade the Internet Banking platform and Credit Card Management systems in the last six months. A data warehouse project is already under way along with a number of smaller efficiency projects whilst the whole customer experience is under scrutiny as part of the digitization project under way.

Bank of Sydney has continued to support the local areas in which it operates, sponsoring local events, charities and associations as well as expanding its reach through pop-up branches in local shopping centres.

This strategy has also assisted the Bank to rethink its physical reach and potential repositioning of some branches across NSW to cater for the growing customer base.

“We look forward to the second half of the year and to growing our capabilities for our customers, our communities and our colleagues at the bank.” concluded Mr. Michaelas.