Police and Nurses Mutual Banking has announced a $20 million operating profit before tax for the 2010 financial year.
Police and Nurses Mutual Banking has announced a $20 million operating profit before tax for the 2010 financial year.
This is a 60 per cent increase on 2009.
Police and Nurses said the banking institution had also grown its business activity by 8 per cent on the previous year.
In a statement Police and Nurses said 7,000 new members had joined the bank during that period.
Police and Nurses said loans advanced during the 2010 financial year by $153 million.
The level of deposits in the institution increased by $122 million to $1.69 billion.
"During 2010, the financial services sector was impacted by successive interest rate rises, reduced borrowing activity and financial uncertainty from overseas markets, particularly in Europe," said Police and Nurses CEO Fred Huis.
"Police & Nurses has not entirely escaped, however our mutual business model allowed us to absorb the majority of this impact while delivering competitive retail banking services to our Western Australian members.
"We have finished the last financial year in a strong position and we expect more growth for the year ahead," said Mr Huis.
See full company statement:
Police & Nurses, WA's largest home-grown and locally run banking institution, has today announced its unaudited financial results for the year ended 30 June 2010.
Police & Nurses CEO Fred Huis said it has forecast a consolidated group operating profit before tax for the last financial year to be approximately $20 million - a 60% increase on the previous year, and a growth in total business activity of some 8% on the previous year.
Approximately 7,000 new members joined during the period, and the business is targeting further expansion of its membership base with the recent launch of its new "Make a Stand" marketing campaign.
New loans advanced during the year totaled $153 million, and deposit increased substantially by $122 million (7.8%) to $1.69 billion.
"During 2010, the financial services sector was impacted by successive interest rate rises, reduced borrowing activity and financial uncertainty from overseas markets, particularly in Europe," Mr Huis said.
"Police & Nurses has not entirely escaped, however our mutual business model allowed us to absorb the majority of this impact while delivering competitive retail banking services to our Western Australian members.
"We have finished the last financial year in a strong position and we expect more growth for the year ahead," said Mr Huis.
Launched on Sunday 11 July, the "Make a Stand" campaign promotes the fact that Police & Nurses is proudly West Australian and that its mutual banking business model allows the business to put the interests of its West Australian members first.
"We are interested in making a profit so we can grow the Police & Nurses business and provide better services to our members, who are also our owners. That sets us apart from banks whose primary goal in making a profit is to pass dividends on to shareholders," said Mr Huis.
Police and Nurses Credit Society's fully audited results for the 2009-2010 financial year will be available from 31 August 2010.
For more information about Police & Nurses Credit Society, visit www.pncs.com.au or call 13 25 77.
