Member-owned credit union announces strong profit
IN AN environment that has faced significant political and economic challenges bcu says it is pleased to announce a net profit after tax of $10.53m in its group financial statements.
This is consistent with its prior year result.
bcu Chief Executive Officer, Alan Butler said he was proud to announce the results.
"These successful financial results are a tribute to the hard work and passionate efforts of all our staff who have all individually contributed over the last 12 months along with the ongoing support of our strong and loyal member base," Mr Butler said.
"Management have been able to deliver these results through tactical initiatives, however the long-term strategy continues to be to gain scale through the proposed merger with west-coast based mutual, P&N Bank.
He acknowledged that "results like this whilst great, would be difficult to sustain for a standalone institution of our size due to the ever increasing cost of regulation, plus the significant investment that will be required in bcu's technology to allow us to continue to offer attractive banking products".
For more information, members can speak with their local bcu store team, call bcu on 1300 228 228 or click here.
Headline FY 18/19 metrics
• $10.54m profit
• Decrease in provision for doubtful debts
• $1.70b total assets with lending growth in-line with our peers
• Improvement in credit quality resulted in uplift in profit
• Capital adequacy ratio improved to 15.64% from 14.80%