About /
2013 /

Attention: open in a new window. Print

During what has been a challenging period for financial institutions, IMB, one of Australia’s largest building societies, has again reported solid results for the six months ended 31 December 2012.

 

IMB’s profit after tax for the period was $14.1 million, as flagged by the Chairman at the 2012 AGM, 6% lower than the corresponding period last year and IMB’s balance sheet was maintained at $4.7 billion.

 

“Despite the slight decrease in profits, these results highlight IMB’s strengths and the way in which we managed market trends including interest margins contracting with the recent rate cuts, a slowing lending market, continued high-funding costs and the move by IMB to increase its capital levels prior to implementation of Basel III (the international regulatory framework for financial institutions) and in line with the share buyback initiative”, Mr Ryan said.

 

IMB’s capital ratio increased by 1.9% to 15.9% against the corresponding period last year and its liquidity ratios remained well above prudential requirements. In addition, IMB’s level of mortgage arrears continued to be well below national averages for residential loan portfolios across all categories.

 

Mr Ryan said the recent six months had been focussed on investing in mobile and internet banking facilities and continuing to improve member service and experience.

 

IMB’s most recent member satisfaction survey recorded a result of 96% and the Roy Morgan Customer Satisfaction Monitor rated IMB members as the most satisfied of all building societies.

 

IMB’s Chairman, Michael Cole, said the current economic market and competitive environment would continue to dampen trading conditions for the 2012-13 year. However despite the challenges, IMB was well positioned to continue to grow and meet members’ needs.

 

As stated last year, IMB has met its targeted capital ratio of 15% and will continue to increase Tier 1 capital levels over the longer term as well as supporting the mutual structure through a series of share buybacks.

 

The Board, in line with the solid result, has declared a fully franked dividend of 10 cents per share, payable after the close of business on 27 February 2013 to shareholders registered at that date.

 

For more information, please contact:

Louise Di Francesco 

Verve Communications

M: 0418 617 869

E: louised@vervecommunications.com.au

The Hive

Keep up to date with all the IMB insider tips for a healthier financial future.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 139 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

Find out more