Bush sector shows faith in Elders Rural Bank

Elder’s Rural Bank has announced solid profit results of $4.3 million after-tax for the six months to December 31 2000.

Managing director Ian Mansbridge noted that since entering the market in July 2000, Elders had increased deposits 160 per cent, successfully distributed its products via Bendigo Bank’s branch network and undertaken a major IT project to provide leading technology for rural loans.

Mr Mansbridge noted that the strong deposit performance was due to good support from not only rural based clients but metropolitan investors as well.

An agreement with Bendigo Bank gives Elders a further 160 outlets located mainly in rural and regional areas. Development of online services will help provide cost efficiencies and superior service to all clients who use the Internet which has become an essential tool in helping them conduct their business.

‘Bank reaps goodwill', The Land, 15/02/01, p 19.