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IMB currently holds issuer credit ratings from the following two external credit assessment institutions (ECAIs):
Moody’s Investor Services On 6 January 2023, Moody’s Investors Service (Moody’s) affirmed IMB’s rating: long-term issuer rating of Baa1 and short-term issuer rating of P-2 with Stable outlook. The rating reflects IMB’s ‘ongoing lending focus on low-risk residential mortgages, which has supported its very strong asset performance’, and ‘substantial liquid assets (that) covers debt maturities’. Also noted was IMB’s aim of balancing loan growth and returns, and favourable margin development to support healthy capitalisation. For more information visit www.moodys.com. Fitch Ratings On 2 December 2022, Fitch Ratings (Fitch) affirmed IMB’s Long-Term Issuer Default Rating (IDR) of 'BBB+' with a Stable Outlook, and Short-Term IDR at ‘F2’. The rating reflects IMB’s business model and risk profile that focuses on low-risk residential mortgages, resulting in sound asset quality. For more information visit www.fitchratings.com.
IMB’s credit profile, balance sheet and other fundamentals remain strong. In particular IMB is well capitalised relative to risk, has significant levels of liquidity and has stable earnings and a low cost-to-income ratio relative to peers. In addition, IMB maintains sound asset quality in its loan portfolio with arrears statistics and bad debt experiences that are well below national industry averages.
Credit ratings are statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Credit ratings are subject to change. |
IMB Key Credit Numbers 30 June 2023 |
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Liquidity ratio (%) (APRA minimum - 9.0%) | 17.7 |
Total Liquidity | 18.7 |
Capital adequacy (%) (APRA minimum - 8.0%) | 15.8 |
Arrears (%) [non-performing loans (90+ days in arrears/total mortgage loans)] |
0.10 21 loans out of 21,899 |
Total assets ($m) | 7,525 |
Total profit after tax ($m) for the year to 30 June 2023 | 36.3 |