High growth in operating expenses and a fall in funds management fee income held back earnings growth at superannuation fund-owned bank ME during the December half, but the bank is confident that loan repricing and investment in its brand will produce results in the second half.ME reported a net profit of A$34.5 million for the six months to December - down 11.8 per cent from the profit of $39.1 million in the previous corresponding period.ME said the underlying net profit of $30.2 million was up eight per cent on the previous corresponding period, although it did not explain in its media release or financial statement what the adjustments were.Net interest income rose 9.4 per cent to $149.2 million. Total net operating income rose only 2.9 per cent to $182.4 million, reflecting a fall in funds management fee income.ME did not say what its net interest margin was for the period but chief executive Jamie McPhee said in a statement that the margin would benefit in the June half from mortgage interest rate increases last year."This [benefit] will be partially offset by the increased cost of funding," McPhee said.Total operating expenses were up 7.1 per cent to $133.2 million.McPhee said the increase in expenses reflected the bank's ongoing investment in technology and the brand."Brand awareness jumped 11 points to 51 per cent since the bank rebranded in July last year," McPhee said.The value of loans and advances grew by 3.7 per cent from $17.8 billion at the end of June last year to $18.4 billion at the end of December. On an annualised basis that growth is around system growth in mortgages.McPhee said the bank undertook several initiatives with its industry super fund owners, including direct marketing to partner members and co-branded low-rate credit cards.AustralianSuper, Hostplus and Cbus cards were launched last year and were marketed through the funds.