CUA lending jumps 75 per cent

Customer-owned lender CUA has announced a record result in its half-yearly profit report.

The group issued $1.81 billion in new loans in the six months to December 2014 – an increase of almost 75 per cent from the $1.04 billion of new loans issued in the first half of the 2013/2014 financial year.

Net profit after tax rose to $25.7 million, up from $21.7 million for the previous six months.

Consolidated assets also hit a new milestone of $11.5 billion, up 11.6 per cent on the corresponding period.

“This is a very solid half-year result and reflects benefits from our investment in areas that will enable CUA to keep growing sustainably,” CUA chief executive officer Rob Goudswaard said.

“We are putting the building blocks in place that will allow CUA to continue to grow as a modern mutual, to streamline processes and to improve the customer experience.”

Mr Goudswaard noted CUA will be continuing to implement a number of initiatives to drive further growth.

“CUA is continuing to invest in new technologies that have been made possible by the core banking system we introduced in 2013,” he said.

“We are continuing to invest in other applications, including a loan originations system that will streamline and enhance our loan processing capabilities.”

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