An Australian mutual lender has posted a strong profit result for the year to 30 June.
Gateway Credit Union this week reported a 72.46 per cent increase in pre-tax profit to $4.15 million for the year to 30 June 2015.
Gateway said the profit uplift was driven by tight cost control and loan fundings, but added that greater profit growth was constrained by the need to comply with new regulatory limits on lending activities.
Gateway CEO Paul Thomas said the credit union achieved year-on-year growth across the business and delivered on many fronts, making fiscal 2015 a solid year for the group.
“In September 2014 we passed the $1 billion barrier in assets under management,” Mr Thomas said.
“In December, we won a Money magazine award for our Premium Home Loan product,” he said.
“In February 2015 we celebrated our 60th birthday. In April we won two 5-Star CANSTAR awards, and in June we won a Gold Award from Mozo Experts Choice Awards for one of our loan products.”
Gateway’s capital adequacy ratio of 18.84 per cent exceeds prudential requirements. Its capital reserves now stand at $94.95 million, reflecting the financial strength of the credit union.
Mr Thomas concluded that despite the unprecedented economic climate, Gateway continues to demonstrate its innovation and adaptability in finding opportunities to grow the business and ensure best value for their members.