ECU Australia reported an 18.9% increase in operating profit before tax of $ 1,203,444 for the half-year ended 31 December 2009.
ECU Australia’s total assets grew to $270.6 million an increase of 7.3% with Members deposits increasing by 6.3% to $236.1 million. Despite the tougher economic conditions demand for loans remained strong with total loans of $230.5 million an increase of 7.0%.
Mr. Chris Turnbull ECU Australia Chairman described the result as extremely pleasing given the challenging operating environment and the intense levels of competitor activity during the last six months.
In spite of the aggressive campaign waged by the major banks for deposits, it was enormously satisfying to achieve member deposit growth of 6.3% and confirms our ability to be highly competitive whilst also providing our members with a high level of personal and friendly service for which we are renowned continued Chris.
The Prime Minister has conceded that the major banks are ‘gouging’ their customers and the Treasury Secretary has admitted there has been ‘some diminution of competitive pressures’ in banking. Without doubt Credit Unions have the competitive potential to become the ‘fifth pillar” in the retail banking market and offer consumers a real alternative to the major banks.
ECU Australia CEO, Mr. Brett Myles said, “As FNQ’s largest locally based financial institution we will continue to invest strongly in new services and to offer competitive products. We remain committed as always to helping our Members better manage their financial well being”.
