While most companies are mourning about the difficult trading conditions, Beverley Building Society says its operating conditions returned to near normality during the year ended June.
It realised a net surplus of $1.3 billion, up from $976.8 million last year, but it admits that in inflation adjusted terms, there is no room for complacency. Its net surplus plunged from $2.1 billion to $1 billion.
Net interest income increased from $1.7 billion to $2.3 billion in historical terms with other income increasing from $60.9 million to $419.3 million.
Administration expenses more than doubled from $230.4 million to $539.1 million while staff costs shot up from $473.6 million to $752.7 million.
Deposits grew by 114 percent from $5.4 billion to $11.6 billion.
Money market deposits went up 131 percent to $4.6 billion with traditional savings increasing by 106 percent to $6.8 billion while paid up permanent shares went up by 42 percent to $5.7 billion.
The society says its mortgage advances were at an all time high of $6 billion at the end of the year. Its assets grew by 83 percent to $19.8 billion while total reserves were up 112 percent at 2.1 billion.
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