Adelaide Bank sees profits rise 25 percent
(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.
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.
Subscribe