AUSWIDE focuses on deposits and branding
Building the customer deposit base "and decreasing the bank's reliance on higher cost securitisation funding" are priorities for Auswide Bank after a robust December half year.The Bundaberg, Queensland-based bank is also stepping up its spending on the Auswide brand and product.It may need to, with flows from mortgage brokers under question over the medium term.Auswide, from this year, is the jersey sponsor for Queensland in rugby league's state of origin and intriguingly one third of Maroons supporters are based in Victoria, a weak market for Auswide.Over the six months to December 2108 Auswide reported a net profit of A$8.9 million, up $1.2 million on the same period in 2070.A gain on the sale of its 63 per cent stake in fintech lender MoneyPlace for $1.227 million explains all the rise in profit.The rise in funding costs thanks to elevated BBSW rates removed most of the benefit for Auswide Bank from matching system mortgage growth. New business the bank said was $301 million over the half, up 23 per cent over the prior period.