ME Bank is yet to meet a key financial goal, even as the bank ploughs along with a pricey investment program and business restructuring that it hopes will enable it to finally earn its industry super fund owners an adequate return.The bank reported a statutory net profit of A$40.4 million for the year to June 2013, up from $4.7 million in 2012.It put its "underlying profit" - but really its net profit - at $36.9 million, a rise of 51 per cent on the year before. ME Bank estimated its return on equity at 6.3 per cent for the year, up from five per cent in 2012.This return is well shy of its target return on equity of 10 per cent, which was agreed when ME Bank negotiated a program of capital injections from shareholders in late 2010.On the other hand, ME Bank's 2013 ROE is higher than the lowly average ROE of 5.1 per cent for smaller, Australian-owned banks, according to APRA."Increasing return on equity" is one of three strategic goals listed in its 2013 annual review, along with doubling customer numbers over the next five years and reducing its cost to income ratio.Jamie McPhee, the bank's managing director, reiterated that the 10 per cent ROE target applied over the bank's current three-year planning period.ME's super funds chipped in $70 million of capital over the last year, the same as the year before.The capital is helping to fund a $60 million investment in an out-of-the-box T24 core banking system from Temenos that McPhee said was "on time, on budget and on scope."McPhee said ME achieved these milestones by minimising customisation of a widely used banking platform and standing fast against scope creep.This investment will support the development of many new products, such as insurance, and a wider range of business loans.The bank said it "expects to achieve reductions in its cost to income ratio [of 75 per cent] through improving economies of scale and efficiency-enhancing investments, notably the transformation program." ME Bank said it attracted 30,000 new customers last year, a rise of 12 per cent.Home loan settlements increased by 17 per cent.The bank stabilised its market share in home lending (measured against all banks) at 1.4 per cent. Before the GFC this share was more than two per cent.The number of workplace banking centres now stands at 80, with the bank aiming for 140 in three years.ME estimated its "market share at employer workplaces at 35 per cent."