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IMB currently holds issuer credit ratings from the following two external credit assessment institutions (ECAIs):

IMB Ltd ('IMB') Credit Rating:

Rating Agency Short Term Long Term Outlook

Moody's Investor Services

P-2

Baa1

Negative

Fitch Ratings

F2

BBB+

Negative

 

Moody’s Investor Services

On 24 April 2020, Moody’s Investors Service (Moody’s) affirmed IMB’s rating: long-term issuer rating of Baa1 and short-term issuer rating of P-2. The rating outlook was lowered to negative, prompted by Moody’s change in outlook on the broader banking system as a result of the economic disruption caused by the Covid-19 pandemic. For more information visit www.moodys.com.

Fitch Ratings

On 30 April 2020, Fitch Ratings (Fitch) affirmed IMB’s rating: Long-Term Issuer Default Rating (IDR) of 'BBB+' and Short-Term IDR of ‘F2’. The rating outlook on the Long-Term IDR was lowered to negative prompted by Fitch’s expectation that the coronavirus will have a significant impact on Australian banks’ operating environment which will in turn impact financial performance. For more information visit www.fitchratings.com.
 

IMB continues to closely monitor developments including the impact of the economic disruption caused by the Covid-19 pandemic. IMB’s key financial indicators remain intact and key regulatory capital and liquidity ratios are being prudently managed at appropriate levels in the context of the current extraordinary environment.
As the current situation continues IMB will remain focused on ensuring the safety of our people and their families, continuing to support and safely meet the needs of our members, ensuring IMB’s operations remain resilient, and maintaining prudent oversight of our financial risks.
IMB’s credit profile, balance sheet and other fundamentals remain strong. In particular IMB is well capitalised relative to risk (with total regulatory capital at 15.5% at 30 June 2019), has significant levels of liquidity (with High Quality Liquid Assets of 15.9% at 30 June 2019), 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 (at 30 June 2019 IMB’s residential arrears 90+ days was only 0.28% representing 39 loans out of a total +19,000 loans).

 

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
As at 30 June 2019
Liquidity ratio (%) (APRA minimum - 9.0%) 15.9
Total Liquidity 18.9
Capital adequacy (%) (APRA minimum - 8.0%) 15.5
Arrears (%)
[non-performing loans (90+ days in arrears/total mortgage loans)]
0.18
37 loans out of 20,431
Total assets ($m) 6,077
Total profit after tax ($m) for the year 30 June 2019 31.7

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