Powered by MOMENTUM MEDIA
subscribe to our newsletter

Non-major grows loan book to $8.7bn

One of the nation’s largest mutual lenders has described how its model helped borrowers without the “negative consequences of the profit-maximising culture of the four major banks”.

Newcastle Permanent released today (28 September) its results for the 2017 financial year, featuring a $38.9 million profit, almost $11 billion in total assets and higher home loan and customer deposit portfolio growth rates than any of the four major banks.

“In our 114th year of operation, we continue to punch well above our weight, growing faster than the four major banks in both home loans and customer deposits,” Newcastle Permanent chair Jeff Eather said.

The lender grew its mortgages by 8.5 per cent, compared to industry growth of 6.6 per cent, driving total loans to $8.7 billion.

“Our customer deposits also grew by an impressive 11.1 per cent, propelling total funding to $9.9 billion, and helping to make us the second-largest customer-owned banking organisation in Australia,” Mr Eather said.

Advertisement
Advertisement

Chief executive Terry Millett highlighted that the mutual lender refinanced almost half a billion dollars in home loans from the four major banks and their subsidiaries.

“We now have almost $2 billion in home loans in the Sydney market, showing that customers are voting with their feet for a better way of banking with us,” the CEO said.

“These results show the strength of our customer-owned banking model, which delivers better outcomes for our customers and communities without the negative consequences of the profit-maximising culture of the four major banks.”

[Related: Customers, brokers question bank ethics and culture]

Non-major grows loan book to $8.7bn

PROMOTED CONTENT


>Newcastle Permanent released today (28 September) its results for the 2017 financial year, featuring a $38.9 million profit, almost $11 billion in total assets and higher home loan and customer deposit portfolio growth rates than any of the four major banks.

“In our 114th year of operation, we continue to punch well above our weight, growing faster than the four major banks in both home loans and customer deposits,” Newcastle Permanent chair Jeff Eather said.

The lender grew its mortgages by 8.5 per cent, compared to industry growth of 6.6 per cent, driving total loans to $8.7 billion.

“Our customer deposits also grew by an impressive 11.1 per cent, propelling total funding to $9.9 billion, and helping to make us the second-largest customer-owned banking organisation in Australia,” Mr Eather said.

Chief executive Terry Millett highlighted that the mutual lender refinanced almost half a billion dollars in home loans from the four major banks and their subsidiaries.

“We now have almost $2 billion in home loans in the Sydney market, showing that customers are voting with their feet for a better way of banking with us,” the CEO said.

“These results show the strength of our customer-owned banking model, which delivers better outcomes for our customers and communities without the negative consequences of the profit-maximising culture of the four major banks.”

[Related: Customers, brokers question bank ethics and culture]

Non-major grows loan book to $8.7bn
mortgagebusiness

Latest News

The federal Treasurer has granted approval for a non-major bank to hold a controlling stake of 100 per cent in Members Equity Bank Limited...

The prudential watchdog has granted Sydney-based challenger in1bank an extension for its restricted banking licence. ...

The major bank has reached an agreement to settle a class action in the US over the bank bill swap rate. ...

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.