Go west young IMB

The Illawarra Mutual Building Society plans to expand its commercial lending business across Australia.

IMB is setting up a commercial lending presence in Perth and expansion to other parts of Australia will be based upon its experiences there. It already has established a foothold using a broker network to distribute its consumer lending products.

News of IMB's expansion plans comes after it reported a record net profit of almost $10 million for its 2000-01 financial year, 6.6 per cent stronger than the previous 12 months. The profit growth was mainly driven by a 43 per cent surge in mortgage secured loans.

IMB last month purchased Australian Unity's lending and borrowing division for an undisclosed cash sum.

Australian Financial Review Online, 29/8/01