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Elders Rural Bank has forecast further growth and a recovery in credit demand while other regional banks suffer under the pinch of the global financial crisis.
Improved loan processing within the bank and a flow through of interest income from a stronger loan book helped the lender post a net profit of $45.1 million or 10 per cent yesterday.
Loans under management stood at $3.679 billion, slightly higher than last year’s $3.650 billion. Net interest income was $500 million higher than the 2008 average, boosted by an increase in average loans and investments.
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