Elders ups earning despite Futuris

Despite the turmoil hitting Futuris Corporation Ltd, its part-owned Elders Rural Bank expects its net profit after tax for fiscal 2008 to increase by at least 10 per cent.

The company announced today that it expected the increase on top of its 2007 full-year results of $36 million.

It follows an update received from Standard and Poor's which reaffirmed Elder's credit rating at BBB/A-2, but revised its outlook from stable to negative due to recent events at Futuris.

The bank is a 50:50 joint venture between Futuris and Bendigo Bank Ltd.