Beyond Bank Australia, previously the Community CPS Australia Group, has posted a $23.2 million after-tax profit for 2012/13.
The organisation, which trades in South Australia, Western Australia, the ACT, and regional New South Wales, reported “sluggish” growth in South Australia was offset by strong performances in other regions.
Total member deposits rose by 3.3 per cent to just over $3 billion while new lending for the year reached $640 million, down slightly on 2011/12 in a subdued credit environment, the bank reported.
Beyond Bank Australia chief executive officer Robert Keogh said patchy economic conditions played out across the bank’s markets.
“South Australia’s sluggish business growth of 2.6 per cent was offset by 12.4 per cent business growth in the ACT and 4.3 per cent each in WA and the Hunter Valley,” Keogh said.
“Western Australia continues to grow on the back of mining and associated industries, the Hunter Valley has a rich and diversified economy with a strong mining sector and the Land Rent Scheme in the ACT continues to produce steady results.”
By contrast. the two-speed economy is evident in Wagga Wagga as consumers remain very subdued and focused on saving, which grew our deposits by five per cent in the region.”
Keogh said the overall business remained competitive and had recently attracted an investment grade rating from independent credit rating agency Standard and Poor’s.
“Despite the subdued financial services market we have delivered a solid profit and have also been able to invest considerably in our strategic direction, which culminated in rebranding from five brands to one and moving from credit union to mutual bank status on 1 August 2013.
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“We also cemented our footprint in regional South Australia by completing a merger with Whyalla-based credit union Alliance One, which took effect on 1 July 2013.
“This activity and the financial results were achieved amidst an economic slowdown, low consumer confidence and Australians’ general apprehension about buying or selling properties.”
Looking to the year ahead, Keogh said signs of economic optimism were emerging, however Beyond Bank Australia would continue its conservative approach to risk.
“We’re confident that having clearly articulated our offering under our new branding that we will continue to expand our customer base and ensure the long term sustainability of our business model.”
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