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ISCOVER
Staff Reporter
Heritage Bank has capped a year of strategic milestones by recording a 13th consecutive year of record pre-tax profit in 2011/12.
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Heritage today announced a before tax profit of $44.36 million for the year ended 30 June 2012. This result represents a 1.1 per cent increase over the previous year.
The after tax profit for 2011/12 was $31.27 million, down 2.4 per cent on the previous year.
In announcing these unaudited figures, Heritage chairman Kerry Betros said the solid financial performance came in a year in which the company achieved important strategic milestones.
“Heritage is extremely proud to have recorded our 13th consecutive year of record pre-tax profit despite the subdued operating environment facing all financial institutions in Australia. Heritage delivers great value for its customers and it’s no accident that we continue to post such strong economic results, year after year,” Mr Betros said.
“Importantly, we have also continued to evolve strategically and take key decisions that will better position Heritage for future success.
“The name change from Heritage Building Society to Heritage Bank last December took place seamlessly and will create greater opportunities for us going forward.
“In February, we expanded our mortgage broking network to Western Australia, Tasmania and the Northern Territory, meaning we now cover all of Australia and are a truly national competitor in the home loan market. Loan originations in those new areas have exceeded expectations, and have been particularly strong in Western Australia.
Total loan approvals in 2011/12 were $1.435 billion, an increase of 5.6 per cent on the previous year.
