CUA has declared itself a “highly viable alternative” to the big four banks after posting record loan growth and a record asset position.
The credit union reported $2.2 billion of new loan settlements for the 12 months to 30 June 2014, which was 16.7 per cent higher than the previous year.
The loan book grew 4.9 per cent to $9 billion, while consolidated assets climbed 3.5 per cent to $10.3 billion.
Net profit fell 13.7 per cent to $49.6 million, although the decline was only 3.5 per cent once $6.1 million of one-off gains from the previous year were excluded.
CUA said it could now be considered “a highly viable alternative to the tier-two banks and, increasingly, to the big four” due to the technology investments it had made during the past three years as well as the “innovative” products and services it had delivered.
Chief executive Chris Whitehead said CUA had delivered a strong result in 2013/2014.
“The reduction in net profit for 2014 was due primarily to our strategic investment in key areas of the business, [most] importantly the implementation of our new core banking system which is already providing a competitive boost for our ability to provide innovative products,” he said.
“Our lending growth has been largely driven by the continued success of our award-winning products such as our Rate Breaker Package home loan and investment in our various distribution channels, including our new online banking system and state-of-the art branches.”
Mr Whitehead also said the growth in CUA’s consolidated assets demonstrated its strong and secure financial position.
[Related: CUA unveils 4.65pc variable rate]