Tasmanian bank, the Bank of us has reported $1 billion in lending growth for the financial year despite COVID-19 uncertainty.
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Bank of us results for the 2021 financial year included a record $328 million in loan approvals, including a $50 million increase on their previous record set in 2019.
The year also saw the bank maintain its market share with the total number of active customers increasing by 700 to 31,800.
The bank's total assets grew by 8 per cent to $1.24 billion while the value of all loans held by the bank increased by 10 per cent to $1.01 billion.
Bank of us Chairman Scott Newton said despite the challenges faced throughout the year, profit increased, enabling the bank to continue to reinvest in the business.
"We're in a strong position. As a customer-owned bank, we don't need to pay dividends to shareholders," he said.
"Profits will be invested into improved technology, digital delivery, and capability - all of which are important for our long-term sustainability and delivering on our hi tech-hi touch experience for our customers."
He said the bank's after-tax profit increased to $6.1 million, driven by growth, an improvement in their net interest margin and lower costs.
He said the $6.1 million profit increase included a $1 million reversal benefit from a write-back from their doubtful debts provision that impacted last year's profit result.
Bank of us chief executive Paul Ranson said the business culture meant they had been able to adapt quickly and effectively to a new way of working.
READ MORE: Meet Tasmania's very own Sheldon Cooper
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