AUSTRALIAN BUILDING SOCIETY IMB POSTS RECORD 2001-02 PROFIT.

SYDNEY, Aug 1 Asia Pulse - Australian building society IMB Ltd, has announced record profits and asset growth but said it had no plans for demutualisation or a listing on the Australian Stock Exchange.

IMB recorded a net profit of $A10.5 million ($US5.69 million) for 2001/02, up six per cent.

Its loan approvals of $A1.2 billion ($US649.8 million) were an increase of 49 per cent on the year and helped it achieve growth in assets under management of 33 per cent to a total of almost $A2.5 billion ($US1.35 billion).

IMB chief executive Wayne Morris said the result gave impetus to the company's national expansion plans but there was no plan for a listing on the Australian Stock Exchange or demutualisation.

"We are happy with our status as far as running our exempt market and are still very proud of being a mutual organisation," he told AAP Wednesday.

"We don't see it as a restriction on our growth strategies."

IMB's expansion over the year included acquiring Victorian-based Australian Unity Building Society and a majority interest in the Canberra-based ...