(28 July 2006 – Australia) Adelaide Bank has posted a A$94 million post tax profit for the full year to June, up 25 percent on the previous year.The bank said its margin lending business generated a A$30 million profit with the Goldman Sachs JBWere Equity Finance business it acquired in 2005 contributing significantly to the performance.
Adelaide Bank is the second largest margin lender in Australia with a total margin lending portfolio under management of more than A$3.57 billion.
The bank said its mortgage lending business had come under extreme pressure but that it would look to business lending among other income streams to underpin the business.