Bank of us reaches new heights

Bank of us capped off a record-breaking year by becoming the fastest growing Australian bank*, and reaching $1billion in assets in July.

Bank of us Chair Stephen Brown said the growth across the business had been phenomenal.

We’ve recorded an after-tax profit of $2.3M up over 40% due to increased revenue from strong loan book growth,” said Mr Brown.

“And financially we are performing well with strong levels of regulatory capital and liquidity.”

Bank of us key results are:

• Grew its loan portfolio by $145M or 21% to $849M, the fastest rate of growth for any Australian owned bank in 2019.
• A record 3,840 new customers joined the bank in 2019, up 29% from 2018. The growth in new customers saw the total number of customers grow to 30,000.
• A 30% increase in market share of owner-occupied housing finance enabled a record $279M in loan approvals
• Achieved Employer of Choice status, in recognition of the outcomes that have been delivered as part of our organisational culture program.

Bank of us has embarked on a significant capacity building exercise to ensure it can deliver on its brand value proposition to place people at the heart of banking said CEO Paul Ranson.

“This year we implemented a new electronic loan processing system, enabling us to handle 30% more loans with no additional resources, while maintaining a very high Net Promoter Score from borrowers of over 70,” said Mr Ranson.

Next year Bank of us will celebrate its 150th anniversary said Mr Ranson.

“We’re the oldest customer owned banking institution in Australia. Our original purpose was to provide housing finance to Tasmanians so they could build their own homes,” said Mr Ranson.

“Now, we’re now in the enviable place of being able to hold true to our original purpose and deliver a full range of competitive banking products and services.

“We believe that Tasmanians deserve the opportunity to bank with a locally owned and operated customer owned bank. We intend to remain customer owned, operating our business within Tasmania and maintain our focus on placing people at the heart of banking.”

*APRA monthly banking stats June