Wholesale banking and transactional banking provider Cuscal has reported a net profit of $8.6 million for the half year to December 2007.
Cuscal said there was an evident negative impact on its earnings from securitisation but that this was offset by repricing initiatives, solid trading performance in the treasury book and lower operational costs.
Chief executive officer of Cuscal John Gilbert said full year profit is expected to range between $18.3 and $18.8 million – a modest improvement from 2007’s $17.7 million.
“Cuscal expects a continuation of volatile trading conditions in the second half. However, we are still confident of meeting full year targets,” Mr Gilbert said.