Floods and storms in Queensland earlier this year have led to a slowdown at the Bundaberg-based building society, Wide Bay Australia. Loan approvals for the year to June were $308 million, compared with $369 million in 2009/10.Wide Bay yesterday reported a profit of $22.7 million for the financial year - just ahead of the $22.3 million earned the previous year.Managing director Ron Hancock said, in a statement, that the group's margin, which was above two per cent, was steady, and the cost-to-income ratio improved from 55.4 per cent to 54.3 per cent.The result includes a $2.3 million after-tax contribution from Wide Bay's wholly owned lenders mortgage insurance company, Mortgage Risk management. MRM contributed $2.9 million the previous year. Hancock said the contribution from MRM was affected by increased provisioning.Wide Bay will release full financial statements later in the month.