With its ordinary shares no longer recognised by APRA towards capital, from January 2025, IMB’s board says it “remains committed to serving its shareholders and continuously reviews the appropriateness of the strategy to reduce the ordinary shares, over time, such as through share buybacks.”

IMB has a capital adequacy ratio of 16.3 per cent.

Net profit fell 19 per cent over the year to June 2024 to $28.4 million.

The bank’s net interest margin fell 33bps over the year to 2.07 per cent, but the bank said by the end of the year its NIM was 2.19 per cent.

IMB delivered above system loan growth of 9 per cent to $6.5 billion “predominantly through IMB’s own channels”, with total loan approvals reaching $1.47 billion.

Operating expenses increased 3.8 per cent.

The non-interest expense to operating income ratio increased from 70.9 per cent in 2023 to 75.7 per cent in 2024.

The bad debt charge of $400,000 was down from $1.8 million.