Parramatta. 'Difficult year' ahead

The Queensland-based Wide Bay Australia Ltd, one of Australia’s larger non-bank Approved Deposit Taking institutions, which has its one NSW branch in Parramatta, said 2009 was clearly going to be a difficult year, where the focus would be on tight credit quality and containment of costs, particularly wholesale funding and with areas such as arrears. The company experienced strong growth in profit for the last six months with an after tax profit of $9.585 million – an increase of 16.5 per cent compared to the corresponding period of 2007/2008.

Parramatta. Wide Bay has strong result

Queensland-based community banker, Wide Bay Australia, which has its only NSW branch in Parramatta, has announced a strong result by posting a record after tax profit of $18.16 million, an increase of 13.11 per cent over the 2006/2007 year. “Most of our lending is sourced from our branch network particularly in Queensland, however with only one lending centre in Sydney and Melbourne the use of brokers in those States helps us to secure our lending targets,” said.MD, Ron Hancock. “Now that the acquisition of Mackay Permanent is completed, we intend to strongly focus on developing and strengthening the performances of our branches, both in lending and retail deposits.”

Wide Bay makes a modest profit

The Queensland-based Wide Bay Building Society, which has its only NSW branch in Parramatta, has posted a modest rise in first-half profit of $8.2 million to December 31; a rise of 2.08 per cent. The company sources almost three-quarters of its business in Queensland.