Powered by MOMENTUM MEDIA
subscribe to our newsletter
Wide Bay profits jump 16 per cent

Wide Bay profits jump 16 per cent

Queensland’s largest building society has posted a 16 per cent increase in net profit after tax for the 2013/2014 financial year.

Wide Bay Australia managing director Martin Barrett advised the consolidated net profit of the Wide Bay group after income tax was $14.063 million.

“This compares to the $2.453 million net profit for the previous financial year, which was adversely affected by one-off impairment and doubtful debt items,” Mr Barrett said.

“The $14.063 million result, which does not include any material one-off items, is 16 per cent up on the underlying cash profit of $12.126 million disclosed for 2012/2013,” he said.

The decline in the total loan book was arrested in the second half of the financial year, according to yesterday’s ASX statement.

After the run-off of a non-core portfolio of loans in the first half, the loan book grew, on an annualised basis, by 2.8 per cent in the second half of the 2013/2014 financial year.

The 30 June 2014 balance was $2.224 billion compared to $2.193 billion at 31 December 2013.

John Humphrey, chairman of the Wide Bay Board, reported that approvals in residential lending increased 24.3 per cent to $414 million in 2013/2014 compared to $333 million in 2012/2013.

“This was the result of improving the skills, capability and accountability of the branch network, the rebuilding and strengthening of Wide Bay’s third-party broker platform, and growth from the areas in south east Queensland, from the Gold Coast to the Sunshine Coast,” he said.

Wide Bay profits jump 16 per cent
mortgagebusiness

Latest News

The federal government has announced that it will be providing an additional $51.5 million to the public prosecutor to battle criminal misco...

The prudential regulator’s work has helped ensure that the financial system remains “resilient” when Australia’s “economic summer ...

Less than a fifth of properties have been sold for more than their original list price over the past quarter, according to new data from Cor...

FROM THE WEB
podcast

LATEST PODCAST: How bank ‘simplification’ is aiding the non-bank sector

Is enough being done to ensure responsible lending?