The first quarter ended June 30 for SBS, formerly known as Southland Building Society, was pretty good as it saw its operating surplus increase to $5.4 million from $5.3 million in the same period last year.

As per General Manager Finance Tim Loan, "It is pleasing to defy the current economic odds due to prudent business management. Capital increased 8.5 percent over the quarter to $223 million."

The net surplus, which included non-cash items, such as gains and losses on financial instruments, was up to$3.6 million from $2.36 million in the same period last year. Meanwhile, a year-on-year hike was also noticed in the provision for credit impairment to $3 million from $1.4 million.