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Beverley in record advances

While most companies are mourning about the difficult trading conditions, Beverley Building Society says its operating conditions returned to near normality during the year ended June.

It realised a net surplus of $1.3 billion, up from $976.8 million last year, but it admits that in inflation adjusted terms, there is no room for complacency. Its net surplus plunged from $2.1 billion to $1 billion.

Net interest income increased from $1.7 billion to $2.3 billion in historical terms with other income increasing from $60.9 million to $419.3 million.

Administration expenses more than doubled from $230.4 million to $539.1 million while staff costs shot up from $473.6 million to $752.7 million.

Deposits grew by 114 percent from $5.4 billion to $11.6 billion.

Money market deposits went up 131 percent to $4.6 billion with traditional savings increasing by 106 percent to $6.8 billion while paid up permanent shares went up by 42 percent to $5.7 billion.

The society says its mortgage advances were at an all time high of $6 billion at the end of the year. Its assets grew by 83 percent to $19.8 billion while total reserves were up 112 percent at 2.1 billion.

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