Bank of us mid year results
Bank of us, Tasmania’s only customer owned bank has recorded strong growth for the first half of the financial year.
Highlights include:
- Strong performance in lending with the loan book growing by $99M to $1.35BN, equivalent to 17% annualised growth.
- Deposit growth of $100M to $1.49BN
- $182M in new loans funded
Bank of us CEO, Paul Ranson said that the loan book continued to perform well with low arrears.
“We know that the rising cost of living combined with higher loan repayments is impacting household budgets and has resulted in some customers having to either use savings or tighten their spending to make ends meet”.
“We’re pleased that we’re still seeing a very low number of customers in arrears. We are continuing to encourage our customers who may be having difficulty to get in touch with us early so we can help them get back on track. Helping Tasmanians achieve home ownership continues to be a key focus for Bank of us.” Mr Ranson said.
“As the exclusive lender for the Tasmanian Government’s MyHome shared equity program, we’ve helped 347 Tasmanians into homes in the last 6 months, bringing the total to 750 since it began in July 2022”.
Chair of Bank of us board of directors, Helen Galloway said the strong results showed that the bank’s long term strategy to stay committed to Tasmania is taking effect.
“We’re proud of our focus on Tasmania. All our operations are here, including our seven stores across Tasmania. While there is a strong industry trend toward digital banking, our stores and our people play an important role in our strategy.
Ms Galloway said considering the Federal Government’s inquiry into bank closures across regional Australia, Bank of us is committed to maintaining its stores across the state.
“We believe there is still a role for face to face banking for a range of purposes, such as large transactions and fraud prevention as well as supporting customers who aren’t comfortable with digital technology”.
“We’re aware of the impact fraud and scams continue to have on the community and we believe everyone has a role to play to combat fraud”.
“We recently joined the Scam-Safe Accord, an industry-wide commitment that will deliver a range of measures to help keep customers safe. This commitment is in addition to the investment Bank of us has already made in anti-fraud measures”.
Tasmania’s only customer owned bank, Bank of us, has 34,411 customers, seven Retail Stores statewide and more than $1.55BN in assets.
