ADELAIDE BANK BOOKS 24% Y-O-Y SURGE IN FY NET PROFIT.

AsiaPulse News, August, 2003

ADELAIDE, Aug 28 Asia Pulse - Adelaide Bank Ltd (ASX:ADB) expects double digit profit growth for the next two years after today booking a 24 per cent rise in net profit for 2002/03.

Record home loan lending, lower cost ratios and improved margins delivered Adelaide Bank a net profit of A$51.33 million (US$32.7 million) for the year to June 30, 2003.

The results exceeded analysts' expectations, with underlying earnings up 22 per cent at $84.60 million.

Adelaide Bank group managing director and chief executive officer Barry Fitzpatrick said the bank had followed a dull and boring strategy with 77 per cent of its assets in housing.

"The secret of success of Adelaide Bank really is staying clearly focused on its core business," he told an...