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

PROMOTED CONTENT


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 Court has ordered Westpac to pay an agreed $1.3 billion penalty for breaching anti-money laundering and counter-terrorism financ...

The major bank has hired internally to fill the position of head of corporate finance, international, a newly created role overseeing the c...

The ASX-listed bank has reported strong third-party-driven loan book growth over the first few months of the new financial year. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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