Ashburton society makes record net profit

Ashburton-based Loan and Building Society has made a record net profit of just over $1 million this year.

Net earnings rose 13 per cent for the year to March and shareholders were told they could expect a total dividend of 15c a share.

Loan society chairman George Brown said the results underpinned a year of strong growth for the listed company.

It staged a successful $3.8 million capital-raising exercise and opened an office in Rangiora in April.

Mortgage lending rose 22 per cent to $132 million with no bad debt write-offs.