Daylesford District Community Bank has released its financial results for the 6 months ended 31 December 2020. The result was a net profit after tax of $108,517, a 29% increase over the previous corresponding period.
From these profits, the Bank supports a number of community activities and initiatives. Community contributions in the first half of this financial year were $42,914, a significant increase over the previous corresponding period, bringing total community sponsorships since inception to $464,319. The Bank expects to continue making significant community contributions in the second half of the year.
Earnings included a cash flow boost of $16,647 from the Federal Government’s economic stimulus program. The Bank’s loans and deposits grew by 12% while revenue from ongoing operations was 6.3% higher.
Daylesford District Community Bank Chairman, Mark Rak said, “2020 was a year like no other and we’re pleased to be able to report a solid set of financials for the 6-month period. Our key financial indicators generally moved in a positive direction while we maintained a firm handle on operating costs. Our loan portfolio was unaffected by the economic downturn.”
The Bank has welcomed Melanie Tudball as the new Branch Manager. Melanie started in early April after working at Ballan and District Community Bank. She brings with her a strong background in community banking. Melanie replaced Simon Robinson who resigned earlier this year due to ill health.
Commenting on the outlook for the remainder of the year, Mr Rak said, “We are encouraged by the way the Australian economy rebounded over the 6-month period and we are seeing strong interest in the local housing market supported by historically low borrowing costs. We thank our loyal shareholders and customers for their ongoing support. This allows us to continue to invest in our local community.”
In line with previous years, the Daylesford Community Bank Board will consider its annual dividend in May 2021.
Trevor Shard is the Company Secretary of Daylesford District Community Development Ltd.