IMB’s first half yearly result as a bank is a good one as the home grown financial institution continues to expand and head towards a merger with Sutherland Credit Union. IMB Bank is reporting a solid performance for the six months to December 31 with a profit after tax of $13.9 million. While it is down 4.0 per cent on the previous corresponding period it is seen as a solid result in a highly competitive environment.
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Chief executive Robert Ryan said it was in line with expectations. Excluding the sale of head office, it is forecast that the full year 2016 result will be in line with the previous year.
“IMB’s capital ratio and liquidity ratios remain well above prudential requirements. In addition, IMB’s level of mortgage arrears continues to be well below national averages. With above forecast growth in new lending and deposits in the first half of the year, the focus on margin management and cost control remains important for IMB in the current low interest rate environment.”
Mr Ryan said IMB’s commitment to providing members with high quality financial solutions was evidenced by further investment in the digital banking space including the implementation of online personal loan and deposit account application systems, an upgraded mobile banking application and internet banking.
“IMB Bank remains committed to providing members with a genuine alternative to the big banks which is reflected in our competitive loan rates, high level of customer care and investment in electronic banking solutions,” he said.
Chairman Michael Cole said IMB was well positioned to continue to grow and meet members’ needs. He said it had successfully converted from a building society to a mutual bank and announced it had been chosen by Sutherland Credit Union as a preferred merger partner with a merger anticipated to be completed at the end of the financial year. The board has declared a fully franked dividend of 10 cents per share payable on February 28.
