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Heritage records ten consecutive years of profit

by Staff Reporter7 minute read
The Adviser

Heritage Building Society has announced its tenth straight year of profit, reporting a before tax full year profit of $35.902 million for the period ended 30 June 2009.

The profit represents a 22.3 per cent increase on last year’s results.

Loan approvals for the period totaled $1.420 billion, Heritage chairman Brian Carter said in a statement.

The society also recorded an arrears rate of just 0.296 per cent.

“Our results for the period have been exceptional given the difficult credit conditions,” Mr Carter said.

“The Society continues to find innovative solutions, including becoming the first of our peers to establish an Exchange Settlement Account with the Reserve Bank of Australia.”

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