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AUSTRALIA'S HERITAGE BUILDING SOCIETY POSTS 29% RISE IN PROFIT.
BRISBANE, Aug 1 Asia Pulse - Queensland's largest building society Heritage Building Society booked a 29 per cent jump in net profit for 2001/02 and is confident it will keep growing and attracting members.
The Toowoomba-based Heritage also said its loans under management grew 34.4 per cent to US$2.5 billion (A$4.62 billion) in 2001/02 and assets under management jumped 30.2 per cent to US$2.8 billion (A$5.17 billion).
Net profit rose to US$9.2 million (A$16.99 million) from US$7.1 million (A$13.11 million) in the previous year.
Heritage is mutual society, not a shareholder-owned institution and maintained a strict focus on members' benefits.
Chairman Brian Carter said Heritage attracted members who were fed up with the big banks, which was driving its results.
"A lot of people truly appreciate that we don't have shareholders - this is why we've had such a jump in profit," he said.
"We will keep growing our profit ... in line with this trend."
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Source: HighBeam Research, AUSTRALIA'S HERITAGE BUILDING SOCIETY POSTS 29% RISE IN PROFIT.