There’s no doubt this has been a more difficult economic year for most – and ECU Australia is not iimmune. However, I am very pleased to report that our results for the last financial year were better than expected and that 09-10 is already looking far more positive.
In the 08-09 financial year, ECU Australia achieved an after tax Operating Profit of $1,395,397 which was about 15% down on the previous financial year.
Our reserves now total $15,123,455 (an increase of 7.12% on the previous financial year) and I am delighted to note that our assets increased by 12.75% to $252.66 million. Member deposits were also strong - up 19.3% to $224.56 million while gross loans and advances to Members increased by 14.99% to $215.39 million.
Considering the global economic conditions, those results are heartening for ECU Australia. They show me that our team’s tireless hard work and customer service have paid off, because our Members are continuing to reward us with greater loyalty than ever. My thanks to the ECU Australia team and our Members.
On a different note, it’s great news for Members that our rediATM network is about to become one of the largest ATM networks in Australia. The agreement we have forged with NAB is typical of the effort ECU Australia is making to keep our Credit Union at the forefront of banking services. I was interested recently to hear other banks boasting about cutting fees including overdrawn account fees. ECU Australia has never had such fees; we felt they were not justified. It’s nice to see some of the big iinstitutions following our customer-focused lead.
Until next time...
Brett
