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 NEWS & UPDATES
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WBS issues a new Prospectus for investors [15 December 2011]
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As required under the Securities Act, WBS has issued a current Prospectus (No.49) dated 15 December 2011. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts and half-year unaudited accounts.
This document can be downloaded from our Downloads page.
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WBS credit rating affirmed [26 August 2011]
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Fitch Ratings has affirmed Wairarapa Building Society's Long-Term Foreign and Local Currency Issuer Default Ratings (IDR) at 'BB+'. The Outlook is Stable. At the same time, the agency has affirmed all other ratings.
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WBS reports good financial health in spite of loss attributable to revaluation of property portfolio [6 July 2011]
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The extremely difficult business environment experienced in the 2010 year has continued throughout the current financial year.
At one stage various economic commentators were forecasting a double dip recession, which while averted, as measured by a fraction of a percentage point, still highlighted the difficulties businesses were and are facing in New Zealand.
The situation was such that the RBNZ was concerned enough in March to drop the OCR a further 0.50% to its current 2.50% level.
WBS is obviously not immune from such a trading environment and whilst it recorded a $90,000 operating profit, its overall result after income tax, property revaluations and tax adjustments, was a loss of $851,000.
While operating profit increased by over $220,000 on last year, this result was offset by the fall in the value of the Group’s property portfolio and tax adjustments. The decline in house prices will be familiar to all homeowners.
The commercial property market has been similarly affected. Although a $565,000 write down in the Groups property portfolio is significant it is nevertheless only a 5% fall in the value of the total property portfolio.
This limited reduction in value reflects the quality of the group’s tenants and the long-term nature of the leases. The majority of the groups rental income comes from Central and Local Government.
The Society still remains financially strong with Reserves of $15.3 million, $11.3 million on deposit with banks, $18 million of committed undrawn bank facilities out to 2013 and arrears of less than $9,000. Minimal relative to our
$87.7 million loan book. These figures highlight the long term benefits to WBS of the prudent and conservative approach to banking that has been the hallmark of how WBS has been managed over many years.
The 2011 Annual Report and Financial Statements can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [28 June 2011]
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As required under the Securities Act, WBS has issued a current Prospectus (No.48) dated 28 June 2011. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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Treasury say risk of default so unlikely they have made no provision for it [18 April 2011]
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Gareth Vaughan of interest.co.nz today released an article on the four remaining entities covered under the extended guarantee scheme. In the article Vaughan makes reference to his discussions with Treasury and credits them with saying that "the risk of default by any of the four....is so unlikely that it has made no provision in the Crown accounts."
To read a copy of the article please click here.
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Press Secretary to Minister of Finance confirms media have quoted the minister out of context [12 April 2011]
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Grant Fleming, Press Secretary to the Minister of Finance, has confirmed to WBS that the media have "[taken] his comments out of context." Mr Fleming also said that "There is no comment about any company's current state of health" in the transcript of the Q+A programme that aired on 10 April 2011.
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WBS responds to recent media comments concerning the Government Guarantee [12 April 2011]
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On Sunday 10 April 2011 Finance Minister Bill English was interviewed on TVNZ's Q+A programme. In response to one question about Government Guarantees for finance companies the minister replied with a generalised, off-the-cuff remark that, at least in WBS' instance was erroneous. TVNZ has subsequently taken the minister's comments, in-part and out of context, and sensationalised them, specifically in relation to those entities still qualifying for the Government Guarantee scheme.
To read a copy of WBS' response please click here.
To read a full copy of the TVNZ Q+A transcript please click here.
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WBS issues a new Prospectus for investors [16 December 2010]
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As required under the Securities Act, WBS has issued a current Prospectus (No.47) dated 16 December 2010. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts and half-year unaudited accounts.
This document can be downloaded from our Downloads page.
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50" Plasma TV competition winner announced [15 December 2010]
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Congratulations to the winner of the Panasonic 50" Plasma TV. The winner was:
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WBS joins Approved Dispute Resolution scheme [20 October 2010]
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As a requirement of the Financial Service Providers (Registration and Dispute Resolution) Act 2008
and the Financial Advisers Act 2008, WBS has joined the Approved Dispute Resolution scheme offered
by the Insurance & Savings Ombudsman.
Information about this scheme can be found on our Downloads page.
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WBS reports a breakeven result in the most difficult market conditions for many years [2 July 2010]
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The past year has been a challenging one for all financial institutions and WBS has been no exception. In
fact, in its recently released survey of the banking industry KPMG noted the banking and financing sector
was faced in 2009 with the most difficult market conditions for many years, and for some the most difficult
ever faced.
WBS continues to be tested by a declining borrowing and lending margin, a low growth economic environment
and a recession that, although technically over, still impacts negatively on a large number of our members.
The result is that profitability for the current year has reduced to effectively a breakeven result. Had it not
been for an increase in the value of our property investment portfolio a loss would have been the final
outcome for the year.
A significant cause of WBS’s reduced profitability has been the crippling margin squeeze created by the
Reserve Bank both maintaining the OCR at low levels for the last 12 months and implementing
a new Liquidity Policy for Banks.
Despite the current years result WBS retains an extremely strong and robust financial position. It has capital
and reserves of over $16 million, a BB+ credit rating and arrears at year end of only $14000.
Investor deposits and reserves both increased during the period, the former increasing by almost $3.5 million and latter increasing by $65,000 to $16.15 million.
Total assets now stand at $115.4 million.
The 2010 Annual Report and Financial Statements can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [25 June 2010]
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As required under the Securities Act, WBS has issued a current Prospectus (No.46) dated 25 June 2010. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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WBS approved for the Deposit Guarantee extension [31 May 2010]
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On 28 May 2010 Wairarapa Building Society was approved for the New Zealand Deposit Guarantee extension for the period from 12 October 2010 to 31 December 2011.
Some conditions apply. Details of the scheme are available from WBS or are available on the Treasury website (see links on our Interest Rates page).
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WBS issues a Memorandum of Amendments to its existing Prospectus [12 May 2010]
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WBS has amended its existing Prospectus dated 10 December 2009 with a Memorandum of Amendments dated 12 May 2010.
This document can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [10 December 2009]
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As required under the Securities Act, WBS has issued a current Prospectus (No.45) dated 10 December 2009. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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42" Plasma TV competition winners announced [17 August 2009]
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Congratulations to our 3 winners of the Panasonic 42" Plasma TVs. They are:
- Mr T Honey of Masterton
- Mr D Topp of Carterton
- Mr R and Mrs B Evans of Martinborough
The draw was undertaken on Friday 14 August with Masterton Mayor Garry Daniell doing the honours under the supervision of Community Constable Maureen O'Leary.
Our thanks to all WBS investors who participated in this very successful investment campaign. It was a joy to offer the chance to win something of value over and above the very good rate of interest received by all investment entries in the competition.
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WBS issues a new Prospectus for investors [25 June 2009]
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As required under the Securities Act, WBS has issued a current Prospectus (No.44) dated 25 June 2009. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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WBS reports a credible profit despite the difficult economic climate [25 June 2009]
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The year ended 31 March 2009 for WBS was one that typified the state of the financial sector as a whole .
Borrowing and lending margins remained under extreme pressure throughout the year and as a consequence had a negative impact on profitability.
Reported profitability reduced significantly to just under $500,000 and includes a reduction in the value of our investment properties.
We have been obliged to include this in our results under international accounting standards since April 2007.
If it is removed the result from our core banking business improves to a profit of $653,000 before tax.
Down on last year but a creditable result in the current environment.
Investor deposits and reserves both increased during the period, the former increasing by almost $4.8 million and latter increasing by $360,000 to $16 million.
Total assets now stand at $112.8 million.
The 2009 Annual Report and Financial Statements can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [11 December 2008]
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As required under the Securities Act, WBS has issued a current Prospectus (No.43) dated 11 December 2008. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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WBS approved for the Deposit Guarantee scheme [21 November 2008]
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On 20 November 2008 Wairarapa Building Society was approved as a financial institution guaranteed under the New Zealand Deposit Guarantee scheme.
Some conditions apply. Details of the scheme are available from WBS or are available on the Treasury website (see links on our Interest Rates page).
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WBS issues a new Prospectus for investors [26 June 2008]
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As required under the Securities Act, WBS has issued a current Prospectus (No.42) dated 26 June 2008. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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WBS reports another solid return [25 June 2008]
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The year ended 31 March 2008 has been a good year for WBS despite the turmoil afflicting others in the
finance company sector of the industry. Investments from the public have increased during the year by
almost 3.5 million dollars. If property revaluations are excluded core operating profit ($1.1 million) was on
a par with last year. This is a creditable achievement in a time of increasing costs and restricted margins.
In times such as those experienced in the past year, sub-prime crisis, a tightening economy, disposable
income falling and finance company failures, investors tend to return to the tried and true. WBS has
benefited from this with reinvestment rates typically in excess of 85% and investing deposits as a whole
increasing as mentioned above.
The 2008 Annual Report and Financial Statements can be downloaded from our Downloads page.
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WBS issues an amended Prospectus for investors [13 March 2008]
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WBS has issued an amended Prospectus (No.41) dated 14 December 2007 - amended by Memorandum of Amendments dated 13 March 2008, reflecting the changes to the Society's Rules as ratified by its members at a Special General Meeting on 12 March 2008.
This document can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [14 December 2007]
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As required under the Securities Act, WBS has issued a current Prospectus (No.41) dated 14 December 2007. This document provides investors with information on WBS' current operations, and includes the most recent set of audited full-year accounts and unaudited half-year accounts. Both the full-year (as at 31 March 2007) and half-year (as at 30 September 2007) accounts are the first IFRS compliant accounts published by WBS. The comparative columns for the previous periods are not IFRS compliant but are produced under the old GAAP rules.
This document can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [28 June 2007]
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As required under the Securities Act, WBS has issued a current Prospectus (No.40) dated 28 June 2007. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts.
This document can be downloaded from our Downloads page.
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WBS reports a healthy annual return [27 June 2007]
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Headline pre-tax profit for the year was down slightly on last year however a net result of over $1M was still achieved despite increasing costs and a competitive market. We continued to enjoy the ever
increasing support of Wairarapa residents and as a result are pleased to record that the group now has assets of over $100M. Quite a milestone for the community and something of which both WBS and the community
it serves can be proud. To put some of these figures into perspective, when WBS was formed from an amalgamation of its predecessors in 1980, the total assets were $10M and the annual profit $74,000.
It is pleasing to see that while assets are now tenfold, profits have increased almost 15 times. The benefits of size and efficiency are self evident.
The 2007 Annual Report and Financial Statements can be downloaded from our Downloads page.
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WBS issues a new Prospectus for investors [14 December 2006]
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As required under the Securities Act, WBS has issued a current Prospectus (No.39) dated 14 December 2006. This document provides investors with information on WBS' current operations, and includes the most recent full-year set of audited accounts together with the most recent (as at 30 September 2006) unaudited half-year accounts. This document can be downloaded from our Downloads page.
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Financial summary for year ended 31 March 2006 [10 July 2006]
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Once again a very satisfactory financial result was achieved with the headline Net Surplus After Tax being
equivalent to last year, despite a persistent squeeze on margins throughout the year. Once the sale of the
subsidiary that owned the Masterton Medical Centre is excluded from the result an operating surplus of
almost $1.2M was achieved. This result when combined with an increase in the value of the group’s property
portfolio bought reserves to a total of $13.2M at year end. These reserves are 13.7% of total assets which
in terms of the recently published 2006 KPMG Financial Institutions Performance Survey gives WBS one of
the highest reserve ratios of any savings institution surveyed. Something we can be justifiably proud of.
The limited growth in assets, 3.7%, and static profitability is a reflection of the tight geographic area within
which we operate and the degree of market penetration we have achieved. As an illustration, in the year
ended March 2006 we lent almost $28M yet our total loans only went up by $2M. As one client borrows
another repays. In our instance, frequently on the same dwelling.
Similarly, with regard to profitability, the headline figures can be deceptive. Although our after tax surplus
for the year was virtually static it should be noted that we contributed sponsorship to the local community
of over $250K. In addition, at a not insignificant cost, we kept our floating housing interest rate 0.25% to
0.50% below our competitors for almost the full year. At the time of writing it still is. The Reserve Bank’s
regular raising of the overnight cash rate to limit inflation immediately penalises floating rate borrowers
but has a delayed impact on those with fixed rates. Our decision to keep our floating rates down has gone
some way to ease the impact on our floating rate clients.
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WBS launches Internet Banking [4 July 2006]
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WBS is pleased to announce the launch of its internet banking service - IBank.
At WBS we recognise that not only do our customers value friendly personal service and the ability to talk face to face, increasingly they require the convenience of accessing their funds and managing their money wherever they are in New Zealand or abroad.
IBank compliments the existing array of services offered by WBS and is one more step in continuing WBS's 133 year history well into the future.
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New WBS website [10 April 2006]
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WBS has modernised its web presence with the launch of its new website.
The new website is more user friendly and comes just in time for the soon-to-be-launched WBS internet banking service - IBank, which is currently in the final stages of testing.
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