New Zealand's SBS Bank, the previous Southland Building Society, has posted an operating profit of $NZ19.4 million ($A15.67 million) in the year till March 31.

The result is upbeat from $NZ18.5 million ($A14.94 million) past year, with the bank saying that it would welcome amalgamations with well-suited associations.

The net revenue after tax of $NZ15 million ($A12.12 million) is high from $US12 million ($A13.85 million) last year and is the maximum since 2007.

SBS Bank Chief Executive, Ross Smith said that it was a satisfying performance in one of the hardest economic phases in the 141-year-old history of the group.

On Wednesday, he said, "The response from our customers and the wider market to our New Zealand-owned status and increased credibility as a young, customer-owned bank, coupled with our long history of providing a secure haven for investors, saw our depositors funds grow by $133 million, or 6%, to $2.26 billion".

Mr. Smith said that conversion to the more highly-synchronized banking milieu had come out to be one of the best judgments in SBS Bank's history.

The bank's financial condition got better at a time when hard cash and capital were the main attention of their controllers.

Overall assets rose by $NZ87 million ($A70.27 million) to $NZ2.63 billion ($A2.12 billion).

The corporation's dealing of funds and life insurance business had added optimistically to the operating profit.