Wide Bay Australia yesterday published a handful of financial metrics, four weeks ahead of the release of its profit for the financial year. Net profit at the Bundaberg-based building society will increase 32 per cent to $22.4 million. Second half profit is thus roughly the same as the first half profit, but well up on the second half of 2009.The media release published through the ASX said that Wide Bay maintained "a solid operating margin of generally in excess of two per cent", and which must be the interest margin.The net profit includes a net profit of $2.9 million from the firm's captive mortgage insurance arm. Mortgage Risk Management last year stripped $3 million from Wide Bay's profit. The recovery in profit of the insurance captive appears to exceed the profit rise of the wider group, so core trading conditions at Wide Bay are showing no real improvement.The cost to income ratio reflects this. Wide Bay said this ratio was 55.6 per cent over the full year, which compares with 54.7 per cent in 2009 and 53.2 per cent in the first half of the financial year.