Market Update - December 2023

December 22, 2023

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Friday 22 December 2023

As already foreshadowed at the 2023 Annual General Meeting held on 31 October 2023, IMB notes that there are continuing challenges posed by current market conditions which are impacting margins and operating costs over the first half of FY2024.

Intense competition for home lending and deposits including significant retention activities, demand for higher cost retail deposit accounts, and increases in the cost of funds through other sources have, as expected, placed pressure on margins across industry, with a number of retail banks recently announcing margin and profit contraction being experienced in the first half of FY2024. IMB is not immune from those market influences.

IMB is nevertheless ensuring that capital and liquidity remain strong and in excess of applicable regulatory requirements, and pleasingly, arrears within credit portfolios remain very low.

IMB is prudently navigating the current challenges and expects some easing of the difficult market conditions over the second half of FY2024.

IMB’s FY2024 interim result to 31 December 2023 will be announced by the end of January in accordance with IMB’s normal reporting schedule.

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