IMB Delivers Solid Annual Results

Despite financial instability and challenging market conditions, IMB has delivered a solid full year result, with Group operating profit after tax of $31.0 million. This is an increase of 6.7% compared to the prior year.

Chief Executive Robert Ryan said that the increase in operating profit was driven by increased loan writings, tight balance sheet and interest margin management and a commitment to delivering better value banking to IMB members.

Lending approvals for the year increased by 14% over the previous year and member satisfaction at 96% remains well ahead of the major banks.

“Despite the declining consumer confidence and market volatility, our credit quality remains exceptional across IMB’s loan portfolio, with the residential loan book continuing to perform among the best in the Australian banking sector as confirmed by a recent QBE Mortgage Insurance review.”

Mr Ryan said that IMB was able to again deliver strong results due to the continued support of IMB’s members and the commitment and hard work of the staff and management team. 

“We have worked hard to provide our members with competitive rates, and the full range of deposit and loan products and we continue to review how we can reinvest in our business to improve the services we provide our members,” Mr Ryan said.

“To protect against the risk of fraud for IMB members, we have implemented the Verified by Visa online protection service and all Visa cards have been replaced with Visa EMV chip cards. In September, we are relaunching IMB internet banking providing additional functionality for members, and the ability to transact on their accounts through their mobile phone.”

During the year, IMB opened new branches at the University of Wollongong and at Gungahlin in the ACT, supporting IMB’s face to face service commitment to members. Mr Ryan said that IMB’s growth strategy and branch expansion would continue in the next year and he remained cautiously optimistic about the Group’s future financial performance.

Additionally, IMB has again committed to the continuation of its Traineeship Programme, which will commence recruiting for trainees in November supporting job creation for young people in the region.

Reflecting IMB’s ongoing commitment to give back to the areas in which its members live and work, the IMB Community Foundation granted a further $410,000 in 2011, taking total project funding since its inception to more than $5.7 million, supporting over 300 community projects.

“IMB remains strong, secure and committed to its vision of being the alternative to the major banks and to giving our members better service, better products and overall better value.”