Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.

Advertisement
Advertisement

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.

Mutual exceeds growth targets
mortgagebusiness

 

Latest News

Sentiment towards the property market improved considerably over the last quarter, with 42 per cent of Australians in the property market fe...

APRA chair Wayne Byres has flagged the potential downsides to greater competition in the banking sector, making particular reference to risk...

Several banks have announced disaster relief packages for customers affected by bushfires in NSW and Queensland.   ...

FROM THE WEB
podcast

LATEST PODCAST: Best interests guidance and pre-approval suspension

Do you think the mortgage market will see more consolidation this year?

Website Notifications

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