Bank chairman happy with first profit
Ettalong Beach Financial Services chairman Mr Mick Gage has reported he was "extremely thrilled" that the Ettalong branch of the Bendigo Bank has returned its first profit after seven years' operation.
"We have been able to generate monthly profits on a regular basis to achieve our first ever annual profit," Mr Gage wrote in his chairman's report for the year to June 2011.
The report was accepted at the annual meeting of the company which operates the franchise of the bank's Ettalong branch.
"We achieved an operating profit of $40,260 less interest expense ($23,615) resulting in a net profit of $16,645."
He said that, after adding back $245,256, which were "prior years' tax losses not previously brought into account", the "total comprehensive profit" for the year was $261,901.
Mr Gage said: "Like most commercial operations, success only follows when all energies work together to achieve the ultimate benefits.
Mr Gage said "footings" had increased by $7 million to $73 million at June 30, with a similar increase expected in the coming year.
"Customer growth continues and is now approaching the 2,371 mark (and over 3,300 accounts) which is very pleasing.
"This year we distributed more than $65,000 to numerous organisations by way of sponsorships and community support requests, marketing and advertising, which is funded through the Marketing and Development fund.
"I would also like to take this opportunity to acknowledge and thank our loyal shareholders patience for their continued support during our difficult establishment period.
"Whilst we are not in a position to declare any dividends at this time, subject to continuance of profit as per forecasts we will be nearing the time when we will have to consider a positive return to shareholders and the community.
"During the year we also welcomed three new directors to replace directors who were removed by shareholders
vote and resignations following our last AGM held November 2010."
Annual report, 13 Oct 2011
Mick Gage, EBFS