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Bank records strong profit

by Staff Reporter8 minute read
The Adviser

Staff Reporter

Proving Australia’s mutual sector is alive and well, one of Australia’s largest customer-owned banks has posted strong interim profit.

Yesterday, bankmecu announced it had posted an unaudited net profit after tax of $14.14 million.

bankmecu managing director Damien Walsh said a continued focus on developing its customer-owned brand, cost management and productivity had allowed the bank to deliver strong interim results.

“These profits, which are returned to our customers in the form of better rates, services and products, have seen customer-owned reserves grow to $327.65 million,” Mr Walsh said.

Customer deposits grew by 8.54 per cent, whilst loan growth of 5.21 per cent was stronger than the overall credit growth for the period reported by the Reserve Bank of Australia of 4.57 per cent.

“We consider these to be very solid results and reflective of our responsible approach to banking,” he said.

“bankmecu exists to enhance the financial wellbeing of our customers. Despite a challenging market we remain confident of our capacity to offer a competitive alternative to the major four banks, which clearly dominate the Australian marketplace.”

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