Auswide Bank Ltd. (AU:ABA) has released an update.
Auswide Bank Ltd has announced unaudited financial results for FY24, highlighting a merger with MyState Limited to create a more substantial, diversified financial entity and an acquisition of Selfco, a non-bank SME asset finance lender. Despite a decrease in net interest margins and statutory net profit, Auswide has seen customer deposits grow and maintains a strong capital adequacy position. The bank is also raising capital through a $12.0 million institutional placement and a $3.0 million share purchase plan to support its regulatory capital requirements and growth following the acquisition of Selfco.
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