Strong asset and loans growth were characteristics of the solid financial performance by ECU Australia for the year ending 30 June 2009.
The results were announced at ECU Australia’s 36th Annual General Meeting (AGM) held on Saturday 21st November 2009 in Cairns, which was once again well attended by Members.
The credit union's assets grew by 12.7% to more than $252 million while, building on a strong platform of satisfied Members, deposits increased by 19.3 % to $224.5 million.
Solid activity in housing lending saw loans increase by 13.9% percent over the previous year. ECU Australia’s overall loan portfolio stood at $215.3 million at the end of the financial year.
ECU Australia achieved a Operating Profit After Tax of $1,395,397 an 15% decrease on the previous financial year.
ECU Chief Executive Officer, Mr. Brett Myles said "The results were very pleasing given the global financial crisis and subsequent economic conditions experienced. There is no doubt that last financial year was a more difficult economic year for most and ECU Australia was not immune."
ECU Australia prides itself on providing its Members with a high level of personal and friendly service. Significant achievements over the reporting period included the opening of a new branch in Atherton, upgrades of our website & Internet banking system and the introduction of three new products, as we continue to strive to exceed our members' needs.
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