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Heritage Building Society plans to open two new branches this financial year as it targets growth after announcing a 12th consecutive year of record pre-tax profit in 2010/2011
In early August Heritage announced a before tax profit of $43.89 million for the year ended 30 June 2011. This strong result represented a 3.7 per cent increase over the previous year. Significantly, the before tax profit for the six months to June 30 was $23.92 million, up almost 20 per cent on the $19.97 million recorded in the first half of the financial year.
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In announcing these pre-audit figures, Heritage Chairman Mr Brian Carter said few financial institutions anywhere in the world could boast such sustained and strong financial results, especially in a period spanning the GFC.
Heritage achieved an increased capital adequacy ratio of 14.14 per cent and a solid liquidity ratio of 18.88 per cent as at 30 June 2011, well above regulatory requirements.
Total loan approvals in 2010/11 were $1.359 billion, an increase of 2.8 per cent. Retail deposits grew by $352 million, a 10.6 per cent increase.
Mr Carter added that the organisation plans to open two new branches this year in Queensland. “The exact locations of the branches are yet to be finalised.”
