16/09/2010 - 00:00

Community CPS to posts record profit of $22m

16/09/2010 - 00:00


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Community CPS to posts record profit of $22m

EXPANDING into Western Australia propelled independent credit union Community CPS Australia to a record profit in the 2010 financial year.

The national group, which merged with Perth rival United Credit Union in late 2008, said net profits had surged 447 per cent to $22 million for the financial year.

The result was built on a 17.9 per cent rise in assets under management to $3.1 billion, a 16.8 per cent rise in member deposits to $2.6 billion, and $704 million in new lending.

Chief executive Robert Keogh said the rise reflected the first full year contribution from the WA business, now known as United Community, and the addition of Hunter Valley-based Companion Credit Union six months ago.

Mr Keogh noted that annual CANNEX benchmarking against major banks showed Community CPS members had benefited from competitive interest rates and lower fees, representing an annual dividend of $17.6 million, or $108 per member.

Community CPS now has over 178,000 members across the nation, and employs 580 staff at branches in WA, South Australia, the Australian Capital Territory and regional New South Wales.



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