Bank of us climbing higher since 2017 rebrand

The customer-owned bank grew its loan book by more than $200 million during the financial year, according to chief executive Paul Ranson. 

The final amount is yet to be determined, but will be announced by the end of July. 

“In a three-year time horizon we’ve doubled our lending, which is really good,” Mr Ranson said.

“About 50 per cent of our lending has been to new customers to the bank [since October], whereas traditionally loans mostly go to existing customers.”

The growth has come in the wake of a company rebrand from the Bass and Equity Building Society to Bank of us in October. 

Mr Ranson said the company has also seen an increase of about 65 per cent in customers of all kinds since the change.

About 15 per cent of the increase has come since the beginning of hearings at the banking royal commission two months ago.

Mr Ranson said the “incentive-driven” culture of the big banks was changing the public’s banking preferences.

“We’re really presenting ourselves strongly to market as customer-owned,” he said.

“In the new generation I think that’s quite a strongly held value and I think we are seeing that play out across Australia.

“There’s a measurement that’s been done by an industry association – the Customer Owned Banking Association – showing the attribute of customer-owned banking actually has a lot of resonance with younger generations these days.”

Launceston Chamber of Commerce executive officer Neil Grose believes the spike in customer growth is two-pronged. 

“It’s a reflection of people’s confidence to invest in local property and buy houses themselves, instead of renting them,” he said.

“However, it says more about Bank of us meeting market demand in terms of being competitive with providing mortgages and lending for houses.”