PROFIT UP: Auswide's profit is up, and shareholders will reap the benefits.
PROFIT UP: Auswide's profit is up, and shareholders will reap the benefits. Mike Knott BUN170415CBD6

Shareholders to cash in on Auswide profit

BUNDABERG-based Auswide Bank has posted an net profit after tax of $14.04 million for the last financial year.

Reporting to the ASX today, Auswide announced the profit, which was an increase of 2.8%, up from $13.65 million, on the previous financial year.

The bank's loan book grew by 14.4% to $2.66 billion.

The board of directors declared a final dividend of 16c a share, bringing the total dividend for 2015-16 to 30c a share, fully franked.

The total dividend equates to 82.9% of underlying cash NPAT.

In a statement, Auswide said the board's approach was to seek consistent improvement in the return for shareholders and, based on the bank's strong capital position, the directors felt that it was appropriate to pay a dividend slightly above the policy of paying out 70-80% of earnings.

Despite an increasingly competitive lending environment, the bank's net interest margin remained stable at 196 basis points, compared with 198 basis points for the year before.

Founded in 1966, Auswide became Australia's 10th bank last year.


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