AUSTRALIA'S ADELAIDE BANK POSTS 24% RISE IN FY NET PROFIT.

AsiaPulse News, August, 2003

ADELAIDE, Aug 29 Asia Pulse - Adelaide Bank Ltd (ASX:ADB) is forecasting 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 $A51.33 million ($US32.79 million) for the year to June 30, 2003.

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