Half year results are in!

Bank of us delivers results at the halfway mark

Tasmanian customer owned bank, Bank of us has announced strong half year results.

CEO Paul Ranson said the results demonstrate that Tasmanian’s are continuing to embrace customer owned banking.

“Since becoming a customer owned bank in 2017, consumers have continued to put their trust in us, resulting in a 10% growth in customers overall in a 2 year period,” said Mr Ranson.

“We’ve undertaken a significant amount of work to support our future growth and sustainability in the Tasmanian market, including:

  • Implementing a new core banking system to improve the customer experience, and
  • Introducing “The Bank of useful ideas”, an innovative new community partnership model, which we recently ran in Burnie with positive results.”

This year, Bank of us is celebrating 150 years of providing banking services to Tasmanians.

“We were established in 1870 with the sole purpose of providing housing finance to Tasmanians.

“150 years later, we are proud to be participating tin the Australian Government’s First Home Loan Deposit Scheme.

“The Scheme complements our already competitive home loan interest rates, our partnership with Wilson homes, Tasmania’s largest residential builder, and our strong online and physical presence across the state.

“Providing the Scheme is one more way we can support Tasmanian first home buyers so they can achieve their dream of owning their own homes’” Mr Ranson said.

Loans under the Scheme are now available. 

Key results:

  • Loan approvals of $272 million for 2019 reached an all-time record.
  • Loan book grew by 14% for 2019 which is 4 times the speed of system growth.  Total loans are now at $886M.
  • 29% increase in market share in housing finance in the last 12 months.
  • Total assets now exceed $1.06B.