The Rock loses ground

Included in the result were a number of one-off items that together constituted a net cost of $300,000. Net profit was $4.9 million.

Interest income rose 14 per cent and other income rose nine per cent, but expenses rose 15 per cent.

Cash profit, calculated after excluding depreciation and amortisation expenses, was unchanged at $6.6 million.

The impairment charge was down from $101,000 in 2009/10 to $38,000 in the year to June.

Loan growth was below system. Lending assets were up 6.2 per cent to $996 million, compared with system growth of seven per cent.

Deposit growth was well ahead of system, rising 29.2 per cent to $739 million. System growth for the year to June was 7.4 per cent.

The group "re-calibrated" its distribution strategy, closing a number of "mini branches" that were not performing.