• Statutory net profit after tax of $0.3m, up 118% from H1 FY24
• Net interest income increased 29% to $11.1m
• Average Net Interest Margin increased to 1.39% from 1.06% in FY24

BNK Banking Corporation Limited (the 'Company') has announced the results for the half year ended 31 December 2024. The Group recorded an underlying net profit after tax from operations of $1.79 million, an improvement of $3.0m (252.0%) on the prior comparative period. Statutory net profit after tax was $0.3m, resulting in earnings per share of 0.27 cents per share, an increase of 118% from H1 FY24. Net interest income of $11.1m resulted in a 29% uplift from H1 FY24 being $8.6m, whilst operating expenses increased by 18.8% to $12.2m. The Group's Average Net Interest Margin (NIM) for the 6 months to 31 December 2024 was 1.39%, up from 1.06% for the 12-month period to 30 June 2024 and 0.92% for the comparable six-month period to 31 December 2023. Lending settlements dropped 29% during the half year to $261m compared to the period to 31 December 2023, as the Group continues its focus on selective higher margin lending. The total managed loan book, excluding offset balances, decreased to $2.3bn (30 June 2024: $2.5bn) of which the directly funded loan book decreased 14% to $1.18bn (30 June 2024: $1.37bn). Credit quality remains strong with loans more than 90 days in arrears equating to 0.6% of total loans. The Group maintained a capital adequacy ratio of 26.98% compared to 23.36% at 30 June 2024 and 19.85% at 31 December 2023.