Mutual exceeds growth targets

Mutual lender Bankmecu has announced that its financial results for the six months to 31 December exceeded its annualised growth targets.

The mutual bank posted an unaudited net profit of $13.23 million, compared with $12.15 million in the comparable period last year.

The results showed Bankmecu’s customer-owned reserves grew to $390.74 million, while its deposit and loan volumes grew by 9.51 per cent and 8.86 per cent respectively.

Bankmecu managing director Damien Walsh said the results were due to a continued focus on developing its customer-owned brand, competitive positioning in the market, cost management and productivity.

“This strong performance and the profit we have achieved allow us to return value to our customers in the form of better rates, services and products,” Mr Walsh said.

“It also serves to further strengthen our capital position, growing customer-owned reserves to $390.74 million.”

Mr Walsh said the results were reflective of the Bankmecu’s responsible approach to banking.

“This result also supports our ongoing investments in technology and we will be launching upgrades to our online banking and smartphone apps in coming months.

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