The Rock Building Society yesterday reported a net profit after tax of $2.27 million for the half year to 31 December 2007.
The result was a 35 per cent increase on the prior corresponding period and exceeded the building society’s projected half-year earnings of $2.1 to $2.2 million.
Managing director Derek Lightfoot said the improving financial performance demonstrated the benefits of the changes made during the 2007 financial year to restore the strength of the underlying business.
He also said that the results were a significant achievement considering the challenging market conditions.
“The Rock is well placed as it has no exposure to sub-prime lending, commercial lending or equity investments,” Mr Lightfoot said.
“We continue to insure all loans with independent mortgage insurance companies and we have arrears below the market average for housing loans.”
The Rock plans to continue strengthening its regional branch and agency network in the second half of the financial year, with three new agencies set to be launched.
“The continued expansion of our network throughout regional Queensland will continue to drive business performance and growth for The Rock,” Mr Lightfoot said.
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