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.

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