Tasmanian customer-owned bank, Bank of Us, has announced strong half-year results.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Chief executive Paul Ranson said the results demonstrated Tasmanians were continuing to embrace customer-owned banking.
"We are a trusted alternative to major banks," he said.
"We've seen a 60 per cent increase in the number of new customers coming to us over the past 12 months, which has resulted in a six per cent growth in customers overall.
"It's not surprising, in the wake of the Banking Royal Commission hearings and findings about system misconduct that more customers have joined us.
He said Bank of Us was fundamentally different to the "big banks and listed banks".
"We're not conflicted," he said.
IN OTHER NEWS:
"We're not trying to balance the interests of shareholders with the interests of customers.
"As a customer owned bank, we always have our customer's best interests at heart."
Key results included:
- Loan approvals were up 56 per cent for the 12 months, with $270 million in approvals.
- The loan book grew by 20 per cent for the 12 months, which is four times the speed of system growth. Total loans are now at $776 million.
- There was a 35 per cent market share increase in housing finance in the last 12 months.
- Total assets now exceed $940 million.
"Bank of Us is known for its connection to the Tasmanian community and strong relationships with out customers, and we have our people to thank for that," Mr Ranson said.
"Our team provide a high level of service and have remained focused on what's important and necessary to make Bank of Us the bank of choice for Tasmanians."
Kasey Wilkins
Kasey Wilkins is education reporter at The Examiner, and also covers the East Coast. Get in touch at kasey.wilkins@examiner.com.au.
Kasey Wilkins is education reporter at The Examiner, and also covers the East Coast. Get in touch at kasey.wilkins@examiner.com.au.
