(2 August 2005 – Australia) Despite a challenging year for the agribusiness sector, Elders Rural Bank has grown its business by 26 percent, posting a net profit of A$27.4 million compared with A$21.8 million in 2003/4.Elders, which is a joint venture between Bendigo Bank and Futuris Corporation, said it grew its customer base by 13 percent to 47,000 over the past 12 months.
The bank increased both the value of its loans under management and deposit book by 26 percent.
Elders managing director Bob Jones said one of the highlights of the past 12 months was being assigned an investment grade rating by Standard & Poor’s, which has resulted in a “broader, more diverse” funding base.
“The bank has exceeded expectations set for its first five years. It goes into its sixth year with a record that features progressive improvement in its loan book and earnings and outstanding customer support,” Jones said.
He said Elders had begun the next phase of its IT strategy to ensure it had the best technology available.
“The investment in technology ensures that Elders Rural Bank can continue to deliver a high quality banking service,” Jones said.