Healthy profits at Adelaide Bank
(Australia) - Regional banking player Adelaide Bank has reported a better-than-expected A$22.5 million profit for the last six months of 2002, up 22 percent on the same period the previous year.
A major driver in the result was a higher volume mortgage business - largely built through Eastern states mortgage broking channels - and improved margins.
Managing director Barry Fitzpatrick said he expected the bank's full-year profit to be up 10 percent on last year.
Managing director Barry Fitzpatrick said he expected the bank's full-year profit to be up 10 percent on last year.
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