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Savings & Loans grew its assets under management to a record $3 billion and grew its deposits and loan settlements by 16 and 14 per cent respectively however its profits have slipped.
The credit union reported a $10.9 million net profit for the 2007/08 financial year yesterday - down from $15.82 million recorded for the 2006/07 financial year.
Savings & Loans withdrew from the broker channel earlier this year as “increases in funding costs mean that it wasn’t a sustainable path going forward” – according to CEO Greg Conner.
Published: 3-09-08
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