Bank of us celebrates success at Annual General Meeting

Bank of us held its annual general meeting in Launceston on Monday 31 October 2022

The annual general meeting was a chance for the Tasmanian customer owned bank to engage with its customers and the community to celebrate the significant achievements from 2022.

Bank of us Chief Executive Officer Paul Ranson said the bank was pleased to report another strong year of excellent outcomes.

“Last year we went from one win to another, with fantastic financial performance results, a brand refresh, and being appointed as the exclusive lender for the Tasmanian Government’s revamped home ownership program MyHome.”

The key results reported in the Bank of us Year in Review included:

  • Total assets growth of 9.7% to end the year at $1.36Bn.
  • Active customers increased to 32,623, while maintaining strong new customer growth, with a trend of attracting a younger target demographic.
  • A record $363M in new loans, nearly 10% above the previous record.
  • Funding $341M of loans, which, along with good retention, enabled loan book growth of$114M; a robust increase of 11% to $1.11Bn.

The bank also gave an insight into what it had in store for FY23, including the launch of a new and improved mobile app for customers, and an enhanced customer on-boarding experience.

Bank of us launched a Trainee directorship program in 2021.

Fahim Chowdhury recently completed the inaugural 12-month Trainee directorship program.

Mr Chowdhury said the program was a great initiative within the Tasmanian banking and finance sector.

“The opportunity to practice and develop governance skills under the guidance of a mentor in a live setting was very appealing. Such opportunities are rare for emerging directors, and I would highly recommend emerging board directors to consider the Bank of us internship program.”

The search for the next trainee director is underway.