Please find attached the Chairman’s Address which will be presented at today’s Annual General Meeting.
I am pleased to inform shareholders that Auswide Bank reported an underlying net profit after tax of $17.108 million for the 2017/18 financial year, an improvement on the previous year of 9.0%.
Statutory NPAT for the consolidated group was $17.886 million. Compared with the previous year’s figure of $15.149 million, this was an increase of 18.1%. Net Interest Revenue increased by 6.1% to $61.020 million, compared with $57.509 million in the previous financial year.
The Bank’s underlying cost to income ratio improved by a pleasing 1.9%, from 65.2% in 2016/17 to 63.3% for 2017/18. This result can be attributed to strict cost management disciplines as a key element of our Strategic Plan.
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