As foreshadowed in an announcement last week, Wide Bay reported a six per cent decline in net profit to $17.2 million for the year to June 2009 with losses in the captive mortgage insurance subsidiary stripping $3 million from the headline profit.Ignoring the investment losses from the insurer, Wide Bay said net profit increased 10 per cent to $20.3 million. Wide Bay said it was targeting an increase in net profit for 2010 of 15 per cent to 20 per cent, a projection that is probably based on the more favourable reported profit for 2009, and also rare for the sector: in the context of rising impaired loans across the sector most banks are trying to say as little as possible to the market about the trading outlook even if increasingly optimistic.