Bank of us front and centre

Bank of us CEO Mr Paul Ranson, with Treasurer, Mr Peter Gutwein at today's Bank of us Centre opening in Hobart.

Bank of us CEO Paul Ranson said at the opening that the first eight months’ operation as Bank of us had seen outstanding results.

“Bank of us has recorded a 51% increase in new customers – 3025 customers up from 1999 in 2017,” Mr Ranson said. “We’ve exceeded expectations, with our preliminary results indicating a record lending year.

“Our overall loan approvals for the year were $215 million or 26% on last year, mainly due to a 15% increase in our market share of owner occupied lending in Tasmania.

Our loan portfolio has grown by 12% to $704 million, which is a significant achievement in a highly competitive and challenging environment and is double system growth of 6% (national industry average).

“Within those figures, approximately 50% of our lending is from new customers to the bank. Typically, loan activity is generated from existing customers.”

Mr Ranson said Bank of us’ overall offer and customer focus had struck a chord with Tasmanians.

“We’re a customer-owned bank and that means customer interests are not in conflict with shareholder interests. We are solely customer focused – 100% of profits are used to benefit our customers – to provide a better banking experience, great value products and competitive rates.”

Mr Ranson said Bank of us has seen great growth Statewide in products and services, with a more than 100% increase in new customers in Southern Tasmania.

It is this growth, since the launch in November last year, that has led to the investment in naming rights of the Centre.

“It’s an investment in our business, but it’s also us, as a local customer owned bank, backing Tasmania,” said Mr Ranson. “We’re building a strong presence in Hobart. From here, we will continue to provide all Tasmanian’s a better banking experience and as a customer owned bank, that is Tasmanian owned and operated, we’re in great position to be able to do that.”