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Bank of us delivers exceptional results for the half year

Bank of us CEO Paul Ranson recently announced the first half-year results for the Tasmanian customer-owned bank.

Mr Ranson said key results for the first six months of the financial year included:

  • Record Loan approvals of $183 million
  • Loan book growth of $52 million to $973 million, an annualised growth rate of 12%
  • COVID loan deferrals reached a high of 4% of the loan book but are now at 0%, while overall loan arrears remain at a low 0.3%.
  • New customer growth continues to be strong with 2000 new customers since July 2020

“The results are truly exceptional and demonstrate the bank’s agility and resilience during very challenging times,” Mr Ranson said.

“In the face of the COVID-19 pandemic, we were able to respond quickly, ensuring the safety and security of our staff, our customers and the business.

“We maintained a high level of operational resilience with all payment channels being available 99.9% of the time.”

Mr Ranson said as Tasmania’s only customer-owned bank, Bank of us has found opportunities for growth in a market where Tasmanians increasingly value Tasmanian businesses.

“As we all come to terms with COVID-19 life, being able to shop locally, holiday locally and even bank with a locally owned and operated bank has become more important than ever.

“And we’re not the only ones who are experiencing growth as people look to alternatives.

“The latest APRA data shows that home loan growth for the entire customer owned banking sector has more than doubled the average increase for the banking system for the latest quarter.”

Mr Ranson said the bank increased its home loan growth of 4.38% in quarter two, compared to the customer owned banking sectors 1.32% and system growth of 0.57%.

“We have continued to build capacity to deliver its brand value proposition of placing people at the heart of banking.

“On top of everything that COVID-19 threw at us, we’ve done a significant amount of work to support our future growth and sustainability in the Tasmanian market, including introducing mobile payments for our customers.

“We’re committed to providing Tasmanians with a better banking experience, making sure that they have a choice of secure and convenient ways to make payments and manage their money.”