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IMB currently holds issuer credit ratings from the following two external credit assessment institutions (ECAIs):

IMB Ltd ('IMB') Credit Rating:

Rating Agency Short Term Long Term Outlook

Moody's Investor Services

P-2

Baa1

Stable

Fitch Ratings

F2

BBB+

Stable

 

Moody’s Investor Services

On 16 December 2021, Moody’s Investors Service (Moody’s) affirmed IMB’s rating: long-term issuer rating of Baa1 and short-term issuer rating of P-2 with Stable outlook. The rating reflects IMB’s ‘strong asset quality to date and its focus on low-risk mortgages, which will provide a buffer against the uncertainty around future asset quality arising from the coronavirus pandemic’, and IMB’s ‘substantial liquid assets and less reliance on wholesale funding markets’. For more information visit www.moodys.com.

 

Fitch Ratings

On 18 January 2022, Fitch Ratings (Fitch) affirmed IMB’s Long-Term Issuer Default Rating (IDR) of 'BBB+' with a Stable Outlook, and Short-Term IDR at ‘F2’. The rating reflects IMB’s business model and risk profile that focuses on low-risk residential mortgages, resulting in sound asset quality. For more information visit www.fitchratings.com.

 

 

IMB continues to closely monitor developments including the impact of the economic disruption caused by the Covid-19 pandemic. IMB’s key financial indicators remain intact and key regulatory capital and liquidity ratios are being prudently managed at appropriate levels in the context of the current extraordinary environment.

As the current situation continues IMB will remain focused on ensuring the safety of our people and their families, continuing to support and safely meet the needs of our members, ensuring IMB’s operations remain resilient, and maintaining prudent oversight of our financial risks.

IMB’s credit profile, balance sheet and other fundamentals remain strong. In particular IMB is well capitalised relative to risk (with total regulatory capital at 17.4% at 30 June 2021), has significant levels of liquidity (with High Quality Liquid Assets of 18.0% at 30 June 2021), and has stable earnings and a low cost-to-income ratio relative to peers. In addition, IMB maintains sound asset quality in its loan portfolio with arrears statistics and bad debt experiences that are well below national industry averages (at 30 June 2021 IMB’s residential arrears 90+ days was 0.13% representing 28 loans out of 21,826).

 

Credit ratings are statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Credit ratings are subject to change.

 

IMB Key Credit Numbers
As at 30 June 2022
Liquidity ratio (%) (APRA minimum - 9.0%) 16.6
Total Liquidity 19.4
Capital adequacy (%) (APRA minimum - 8.0%) 14.8
Arrears (%)
[non-performing loans (90+ days in arrears/total mortgage loans)]
0.08
17 loans out of 21,504
Total assets ($m) 7,076
Total profit after tax ($m) for the half-year 31 December 2021 29.5

 

Contact IMB Treasury