Market turbulence could not stop one lender from recording a pre-tax six month profit of $19.97 million.
Heritage Building Society’s profit figures was 2.7 per cent higher than the first half of calendar 2010, but 12.8 per cent lower than the six months to December 2009.
In announcing the results, The lender’s chairman Brian Carter said the performance reflected Heritage’s decision to absorb continuing high costs of funding for extended periods rather than pass them on to members.
“As a result of those measures, and based on current projections, we expect to be able to generate profits for the full year similar to those we recorded in 2009/10,” he said.
Heritage recorded excellent growth in retail deposits of $183 million for the six months to December, a 64 per cent increase on the same period in the previous year. Total retail deposits at 31 December grew to slightly more than $3.5 billion.
Mortgage loan approvals of $806.41 million for the period were slightly down – just 2.9 per cent lower than the same period in the previous year.