The Rock dependent on RBA 25 February 2010 5:20PM Ian Rogers The Rock Building Society sourced 13 per cent of its funding from the Reserve Bank of Australia at the end of December 2009, making the Rockhampton-based ADI one of the most mendicant deposit-taking entities in Australia.The use of repurchase agreements with the RBA to prop up its business increased from four per cent of funding at June 2009, a presentation of the December half year financials lodged with the ASX shows.Retail deposits eased to a 45 per cent share of funding at the end of December and down from 47 per cent at June. The Rock is making progress in the deposit market, however, given that retail deposits accounted for 30 per cent of funding at the end of 2008.Reliance on repos may have eased over recent weeks, with the introduction of a certificate of deposit program. The shift in funding will also repair profits. Net profit for The Rock fell 15 per cent to $1.9 million in the half year to December 2009 compared with the corresponding period. It expects to report a full-year net profit of more than $5 million.Receivables fell five per cent over the half year to $960 million, reflecting the constrained funding.The Rock did not publish any data on asset quality in its financial statements and is yet to publish its "pillar 3" report for the quarter. The bad debt charge for the half year was $44,000, while the investor presentation notes that arrears of 30 days or more were 0.6 per cent.