Rural Bank posts $19.4 million net profit
Monday February 4, 2008
In a statement to the Australian Securities Exchange (ASX), Elders Rural Bank has announced a net profit of $19.4 million for the six months ended December 2007.
This is an increase on the $18.3 million profit over the corresponding period last year.
Chief executive officer Paul Hutchison said, "The strength of the bank's credit policy coupled with its knowledge of the rural sector are important elements in limiting the impact of drought conditions on its financial performance,"
"Whilst generally higher commodity prices have offset lower yields for some of our customers, many continue to face challenging times after several years of drought," .
Mr Hutchison added that the bank was ready to provide customers with funding. "Recent heavy rains are adding much-needed moisture to soil profiles, improving the outlook for the 2008,"
"Elders Rural Bank will ensure that customers are quickly able to take advantage of any improvement in seasonal conditions through the provision of a range of specialist products and services," he added.
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