Bumper profit for Elders as rural Australia recovers
(6 February 2004 – Australia) Elders Rural Bank has delivered a half-year post-tax profit of $11 million – an increase of 17 percent on the same period last year.
The bank’s gross loans at 31 December 2003 totalled $1.6 billion, up 29 percent on the previous year, with retail deposits sitting at $1.7 billion.
Managing director Bob Jones said Elders’ commitment to rural Australia and the relationship the bank enjoyed with its customers was reflected in the strong results.
"We believe that by offering a wide range of products and supporting this with people in the communities, we can continue to build a stronger relationship with customers," he said.
The bank, which is a joint venture between Futuris Corporation and Bendigo Bank, has been trading for four years and operates through more than 500 Elders and Bendigo Bank and Bendigo Community Bank branches.
The bank posted a 19 percent profit increase last year despite rural Australia being in the midst of the worst drought in a century. Jones said good rains had caused bumper crops in South Australia and Western Australia this time around, but that many areas were still affected by the drought.
Managing director Bob Jones said Elders’ commitment to rural Australia and the relationship the bank enjoyed with its customers was reflected in the strong results.
"We believe that by offering a wide range of products and supporting this with people in the communities, we can continue to build a stronger relationship with customers," he said.
The bank, which is a joint venture between Futuris Corporation and Bendigo Bank, has been trading for four years and operates through more than 500 Elders and Bendigo Bank and Bendigo Community Bank branches.
The bank posted a 19 percent profit increase last year despite rural Australia being in the midst of the worst drought in a century. Jones said good rains had caused bumper crops in South Australia and Western Australia this time around, but that many areas were still affected by the drought.
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