25 February 2004 12:00am

Reinvestment in the distribution network and brand of Home Building Society prevented any profit growth in the core banking business of the group, even as improved returns from property development joint ventures lifted profit overall.

• Pre-tax profit increased six per cent to $2.96 million in the half year to December 2003, from $2.78 million in the half year to June 2003, and up 45 per cent compared with $2.04 million in the half year to June 2002.

• Net profit increased 13 per cent to $1.95 million in the half year to December 2003, from $1.72 million...