July 28, 2010Wide Bay Australia’s after-tax profit for the 12 months ended June 30 was $22.4 million – an increase of 31.5 percent over the corresponding period for 2009.
Managing Director Ron Hancock say this is in keeping with the company’s January forecast for an increase of approximately 30 percent.
The consolidated results include the building society’s wholly owned lenders mortgage insurance company Mortgage Risk Management after tax profit of $2.9 million.
Hancock says the results are influenced by the maintenance of a solid operating margin of generally in excess of 2 percent during the period, together with a continued strong focus on expenses.
As announced on ASX today, the cost-to-income ratio for the 12 months for the chief entity was 55.6 percent - as compared to 54.7 percent for 2009.
According to Hancock, this increase was partly attributable to a slowdown in lending and growth in the loan book, particularly after the withdrawal of the First Home Owner Grant Boost.
He says Wide Bay will report total assets of the consolidated group as at June 30 were in excess of $2.7 billion.
