The NSW Teachers Credit Union net profit has fallen to $20 million from $23.9 million in financial year 2008, as higher interest expense impacted.Interest expense increased 47 per cent to $100 million, of which $92 million was attributable to retail deposits, with interest revenue increasing 26 per cent to $171 million."This year's after-tax profit of $20 million reflects two factors peculiar to this year:  the increased cost of funds experienced by all financial institutions following the sub-prime loans fallout; and our decision to shield members from the full impact of the RBA rate hikes for the best part of a year by subsidising our mortgage rates," said chief executive Steve James in a media release.Loans and advances increased one quarter from $1.6 billion to $2 billion, with retail deposits increasing 19 per cent to $2 billion.The capital adequacy ratio is 15.8 per cent, liquidity 13 per cent, with reserves of $216 million.Entry into the West Australian market will begin by the end of the year with a branch to open in Perth. The credit union has 155,000 members.