Bank of us delivers strong FY25 results

Bank of us has reported strong yearly results, reinforcing the value of Tasmania’s only customer-owned banking model - one that puts people before profit.

CEO Paul Ranson said the results highlighted the inherent strength and importance of the customer-owned model, especially for communities such as Tasmania.

“Banks have been in the headlines a bit lately. What makes us different is that we’re not here to serve external shareholders - we’re here for our customers, who are also our owners,” Mr Ranson said.

Key results included:

• Profit before income tax for the year of $8.5 million
• Market share of owner-occupier home lending in Tasmania at 13.5%, up from 11.9% the prior year
• Loan approvals reaching a record $500 million
• Total assets up 16.38% to $2 billion

Mr Ranson said ongoing growth at the bank provided the stability to reinvest in services and support customers across the State.

“Profit matters because it supports our long-term sustainability. For us, profit is a means, not an end,” Mr Ranson said.

He said the bank’s ongoing investment in capability and capacity was an example of this principle at work.

“Across FY25 we made a number of appointments in areas such as technology, risk and compliance. These additional roles strengthen our foundations for the future and are a key reason our profit dipped on FY24 ($10.1m),” he said.

Mr Ranson said that while Bank of us’s performance could be measured in numbers, staff were ever mindful of what it meant for customers.

“Our role as lender to the State Government’s MyHome shared equity program, delivered in partnership with Homes Tasmania, resulted in loan approvals of $135.2 million in FY25,” he said.

“Another way of looking at this is the program helping more than 2000 Tasmanians realise the dream of home ownership since it started in mid 2022.”

Mr Ranson said Bank of us also closely tracked customer and staff experience.

The Bank’s latest Customer Satisfaction Score was 97.80%, while staff engagement results continue to be consistently strong.

“These results tell us the approach is working. When we look after our people, they look after our customers, and together we build something stronger than profit alone,” Mr Ranson said.

Chair Helen Galloway said the Bank’s impact strategy was another way it delivered for Tasmania.

“Our focus is on two areas where we know we can help make a real difference: increasing housing security for Tasmanians and helping people be in the best possible shape financially, wherever they are in life,” Ms Galloway said.

“Over the past year we’ve supported research, scholarships and initiatives that build young people’s confidence with money. We’ve done this in partnership with organisations across the State.”

Mr Ranson said the combination of strong financial results, customer and staff satisfaction, and community partnerships, highlighted the enduring strength of the Bank of us model.

“For more than 150 years, Tasmanians have chosen Bank of us not just for banking, but for belonging. These results show the strength of a model that delivers financial performance while keeping people at the heart of every decision.”