StateWest release half-year results

StateWest Credit Society Ltd announced its results for the half-year ending December 31 2005, with an after tax profit of $473,000 recorded on revenues of $18.8 million.

The figures, which include merger costs of $2.6 million, were included in its disclosure statement for the company's demutualisation - as part of the proposed merger with Home Building Society.

StateWest will on 13 March 2006 commence posting to its members the statement and postal voting ballot seeking approval for the demutualisation of StateWest, the first of a two step process for completing the proposed merger with Home.

StateWest members are being asked to vote by 10am, 18 April 2006.

The 153-page statement is available on both companies' websites.