One of Australia’s largest credit unions, Community CPS Australia, has outperformed expectations to post a $13.1million after tax profit for the first half of 2012/13.
In the six months to 31 December 2012, deposits rose 2.8 per cent, new lending was up 4.6 per cent and total assets under management grew by 3.1 per cent to $3.7 billion.
The ACT arm of Community CPS Australia played a strong role in the business’ growth, with key achievements in the six months to31 December 2012 including:
• Overall business growth of 12 per cent;
• Deposits rising 11.5 per cent despite strong retail competition;
• New lending increasing by 15.3 per cent; and
• Overall lending portfolio rising 12 per cent, despite this section of the market facing considerable pressure.
Group Chief Executive Officer Robert Keogh says achieving asset growth in the current economic environment was a testament to the Group’s reading of consumer sentiment and competitive product offering.
As a mutually owned institution, our primary goal is to create and return value to our members and nowhere is that more evident than in ensuring our products and services are as competitive as possible.
“To achieve growth in our new lending volumes shows our commitment to offering a real alternative in the marketplace.”
“Achieving a 15.3 per cent rise in new lending in the ACT arm is particularly significant because it shows the resilience of the ACT property market and the positive impact the ACT Land Rent Scheme.
”The Community CPS Australia Group is one of the largest customer owned financial institutions in Australia, with assets under management approaching $4 billion. The Group employs 598 staff across 46branches, servicing more than 186,000 members. Community CPS is located in South Australia and the Australian Capital Territory, and operates as Wagga Mutual Credit Union in Wagga Wagga, Companion Credit Union in the Hunter Valley and United Community Credit Union in Western Australia. The Group comprises activities in banking, the community (through the Community CPS Foundation) and professional services (wealth management, tax and accounting services via East woods). For more information visit www.communitycps.com.au