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Solid first half result for Adelaide Bank

Solid first half result for Adelaide Bank

(4 February 2005 – Australia) Adelaide Bank has landed a result right in the middle of analyst forecasts with a first half net profit after tax of A$35.5 million. The bank’s result for the six months ended December 31, 2004 was based on a strong lending performance and increased deposits.

Analyst predictions had ranged from a net profit of between A$34.8 million to A$36.9 million.

Adelaide Bank managing director Barry Fitzpatrick said the bank’s business loan book had grown by 13 percent, while its margin lending business had grown to A$1.5 billion.

He said the bank had been successful in growing the national mortgage broker market.

"Our strategy is to grow market share. In the latest six months the national broker market contributed 12.5 percent, about A$500 million, of our home loan approvals compared with two percent in the same period of last year," Fitzpatrick said.

He said the execution of the bank’s strategy and efficiency of its electronic processing system helped deliver a strong result.

"The strong result has been driven by annualised growth in loans under management of 23.3 percent, relatively stable net interest margins, tight cost controls and excellent credit quality," Fitzpatrick said.
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