Profit before Tax 221% increase

Profit before tax increase achieved in an extremely difficult economic environment and also after a concerted push to increase liquidity in the last quarter of 2008 which significantly reduced deposit margins.

Operating Revenue 21% increase

The 2008 result reflects an increase in Net Interest Income of $2.1m from an increase in average margin on loans but a decline in average deposit margin. Fee income increased 23% compared to last year.

Retail Deposits 43% increase

Deposits grew steadily throughout the year and rapidly in the last quarter of 2008.

Retail Loans 23% increase

Steady increase in the loans, with growth in commercial loans of $103m, housing loans $32m and overdrafts $11m and trade loans $25m.

Download a copy of the 2008 Annual Report

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