Heritage's $31.27 million profit

HERITAGE Bank has capped a year of strategic milestones by recording a 13th consecutive year of record pre-tax profit for the last financial year.

Heritage today announced a before tax profit of $44.36 million for the year ended June 30, 2012.

This result represents a 1.1% increase over the previous year.  The after tax profit for 2011/12 was $31.27 million, down 2.4% on the previous year.

Heritage also increased its total consolidated assets to $8.221 billion, an increase of 2.2%. This consolidated Heritage's standing as Australia's largest customer-owned bank.

In announcing these unaudited figures, Heritage chairman Mr Kerry Betros said the solid financial performance came in a year in which the company achieved important strategic milestones.

Mr Betros became Chairman of Heritage in June, when Mr Brian Carter retired after 30-years as chairman.

"Heritage is extremely proud to have recorded our thirteenth consecutive year of record pre-tax profit despite the subdued operating environment facing all financial institutions in Australia," Mr betros said.

"Heritage delivers great value for its customers and it's no accident that we continue to post such strong economic results, year after year..

"Importantly, we have also continued to evolve strategically and take key decisions that will better position Heritage for future success.

"The name change from Heritage Building Society to Heritage Bank last December took place seamlessly and will create greater opportunities for us going forward," he said.