Record growth for Tasmanian owned bank

Bank of us, the only 100% Tasmanian owned bank, has continued to grow, posting strong financial results for the financial year ending June 2023.

Bank of us CEO, Paul Ranson said a record profit result was driven by above system growth in the bank’s loan book and higher interest rates.

“As a customer owned bank, we don’t have external shareholders, so our profits are reinvested into the business to deliver better banking products and services for our customers,” Mr Ranson said.

Bank of us is the exclusive lender for the Tasmanian Government’s MyHome program which launched at the beginning of the financial year. The program has proven to be market relevant with 162 property purchases completed in the first 12 months.

The increase in overall lending, plus higher savings and term deposit rates led to a record number of new customers.

Bank of us Chair, Helen Galloway said that while the current economic cycle had placed pressure on household budgets, investment in the Tasmanian housing sector remained strong.

“We have benefited from continuing demand in housing and it has helped us to build a solid, sustainable business. We are valued by Tasmanians and we thank our customers for their loyalty and support”, Ms Galloway said.

Bank of us FY23 Key financial results:

  • Growth of 14% in total assets to $1.55BN
  • A business milestone record of $401M in loan approvals, driving record funding and 12% growth ($138M) in the loan book to $1.26BN.
  • Increase in the market share of housing finance in Tasmania to 10%
  • Growth of 15% ($186M) in deposits to $1,39BN.
  • Record flow of new customers of 3,840
  • Record underlying after tax profit result of $9.4M

Mr Ranson noted that the bank’s payment services were migrated to a new platform during the year.

“The migration was a significant project. It included an upgrade to our fraud monitoring system enhancing protection for our customers. The safety and security of our customers’ funds is fundamental”, said Mr Ranson.

Helen Galloway said the bank’s results this year demonstrates the effective delivery of its strategic priority of getting Tasmanians into homes.

“Since our beginnings in 1870, housing finance has been our focus and our results this year show we’ve remained true to our purpose”.

Tasmania’s only customer owned bank, Bank of us, has 33, 600 customers, seven Retail Stores statewide and more than $1.55BN in assets.

Media contact Fiona Weller | Communications Specialist | 0421 063 784