Police & Nurses Mutual Banking says it is confident of growth in 2013 despite lodging a dip in profit in difficult trading conditions over the 2012 financial yaer.
The Perth-based lender announced today a net profit of $11.1 million for the 2012 financial year, on the back of a 6 per cent spike in membership.
Net profit was down from $14.3 million in FY2011, reflecting softer industry and market conditions, chief executive Fred Huis said.
Deposits improved by 5 per cent, to $1.9 billion, while member satisfaction increased by 1 per cent to 97 per cent.
Income from interest fell by 5 per cent, to 57.7 million.
“We are confident that we can build on the sound foundation of our membership base and expect to see the benefit from our strategic invesments aimed at enhancing and expanding services to members,” Mr Huis said.
“In addition, our capital adequacy level is at 15 per cent, well above the minimum required by APRA, providing greater security for our members and ensuring we are in a strong position as we continue to grow.”
Mr Huis said that he expected APRA to approve the bank’s name change to P&N Bank by the end of December, but the bank would put off the change until the new year.
“Since announcing our intention to rebrand to P&N Bank late last year, we have implemented a number of important operational and procedural practices,” Mr Huis said.
“We are now working towards fully embedding these improvements along with the associated rigor and discipline to ensure they are a fundamental part of the way we do business.”
