Strong results for Bank of us at the half-way mark

Bank of us CEO Paul Ranson today announced the Bank’s half year results for the financial year 2021/2022.

Mr Ranson said the bank maintained a momentum of strong growth, achieving the following key results:

  • Exceeded 1BN in loans, now at $1.04BN
  • Reached record loan approvals of $176M
  • Grew assets by 8% to a total of $1.25BN
  • Corporate credit rating of BBB+ reaffirmed

“We’ve been able to maintain our operational resilience and are on track for a solid result at the end of the year,” Mr Ranson said.

In other areas of the business, strategic Partnerships continue to be a focus with the Bank joining forces with Aurora Energy in October 2021 to offer Tasmanians a low-rate personal loan for a range of energy efficient products.

“We value the relationships we form with like-minded Tasmanian organisations. Our partnership gives Aurora Energy customers the opportunity to be more energy efficient by purchasing eligible products with a Green Loan,” Mr Ranson said.

Bank of us reached an important Open Banking milestone in November 2021, officially becoming an active data holder under the Consumer Data Right (CDR).

Bank of us CEO Paul Ranson said the milestone required significant effort and commitment from the Bank of us team and banking peers.

“Taking a leading role, we worked alongside fellow mutual financial institutions and industry partners to achieve activation by 1 November,” said Mr Ranson.

In people news, Bank of us announced that Nick Bird has been appointed to the newly created position of Chief Information Officer (CIO), and he commenced in January.

The executive role of CIO at Bank of us will provide strategic leadership in the core IT functions that support the businesses strategic objectives said Mr Ranson.

“Nick brings over 20 years of banking experience to Bank of us, having had a long and varied career at Westpac, holding numerous senior management roles including Head of Technology - Global Transaction Services & Digital.

“The evolution of technology leadership at Bank of us forms part of our customer value proposition to deliver a hi-tech, hi-touch experience for our customers.

“Nick’s leadership will be key to us delivering our priority focuses over the next few years including the upgrading of our core banking infrastructure, building our IT delivery capability, and developing a data analytics strategy and function.”

Bank of us is grateful for the contributions made to the Bank by departing Executive, Susie Russell, who will retire in June 2022 after 38 years’ service.

“Susie has been a significant contributor to the Executive Team for over 20 years. She has helped lead our growth as an organisation in size and capability and played a pivotal role in delivering new systems, implementing new payment initiatives, and operationalising many of the system changes to support our business strategy”, Mr Ranson said.