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ACCU tables $5.96m profit despite funds cost increase

Staff Reporter 1 minute read

Australian Central Credit Union (ACCU) has reported a satisfying financial performance for the half year to December 2007.

The credit union announced this week that it achieved a 12.4 per cent increase in total revenue to $115.9 million.

Managing director of ACCU Peter Evers said the result was "very pleasing", with net profit rising by 4.5 per cent to $5.96 million – despite the rising costs of funding.

“The profit was earned despite the fact that we have continued to absorb significant interest rate expense through the increased cost of purchasing funds,” he said.

“The ongoing upward pressure on interest rates, coming from national and international activity, has clearly impacted on the home loan market – particularly as people wait for interest rates and the like to settle down.”

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Published: 19-02-08

ACCU tables $5.96m profit despite funds cost increase
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