The Greater Building Society’s record profit is good news for customers and community according to chairman Wayne Russell. Mr Russell made the announcement with new CEO Scott Morgan today.
The Greater’s after tax profit for the financial year 2013/14 is $31.36 million up by 2.95 million or 10.4 per cent on last year. Lending grew by 0.8 per cent and deposits by 5.7 per cent. Total assets grew by 2.6 per cent to $5.08 billion and its capital adequacy had also increased.
He said the Greater’s profit result is very positive compared with the recent results of some other financial institutions. It follows on from the strong profit result in the previous year. After tax profit in 2012/13 was $28.4 million, up 36 per cent or $7.6 million on the year prior.
Mr Russell said the profits show The Greater is a strong, well managed financial institution which is good news for customers. He said because The Greater is customer owned, its profits are largely being reinvested in to its core banking, IT and digital banking systems to benefit customers rather than into the pockets of shareholders.
The Greater increased its allocation to the Greater Charitable Foundation for the year by more than 40 per cent, to $1.7 million. The Foundation supports charities to improve the lives of families and communities in which The Greater operates. This takes the total amount of profits invested into the Foundation to almost $6 million since it was established in 2011.
“The profit result is due to a sustained focus by the Board and staff on efficiency and managing costs,” Mr Russell said.
“We have achieved these results whilst still maintaining very competitive rates and low fees for our customers,” he said.
The profits are not at the expense of customer satisfaction which is also at record levels. In the reporting period The Greater achieved customer satisfaction ratings in Roy Morgan surveys as high as 97 per cent. It took out the Roy Morgan Customer Satisfaction Monitor for Best Building Society every month in 2013/14 and was named Best Building Society for Customer Satisfaction at the Roy Morgan awards in February 2014.
Mr Russell and Mr Morgan paid tribute to The Greater’s 800 staff for their hard work and dedication and for always putting customers first. He said the strong profits and hard work is vital to ensure The Greater can remain nimble and continue to compete with the big banks to benefit local people.
“The banking industry and customer demands are changing rapidly and, with these results, we’ll be able to continue to adapt and change to offer a greater way of banking to even more people in regional NSW and South East Queensland,” Mr Morgan said.
The 61 branch strong Greater is Australia’s fifth largest mutual financial institution and serves approximately 250,000 customers in Sydney, regional NSW and the Gold Coast. The Greater’s full results and Annual Report will be presented at its AGM on November 25.
Greater's Annual Highlights
- Record profit of $31.36M up 10.4%
- Total assets up 2.6% to $5B
- Record customer satisfaction of 97%, won Roy Morgan Award every month in 2013/14
- 40% increase in funds for Charitable Foundation to $1.7M.
- 180 staff volunteered 300 hours with charity partners
- New Charitable Foundation partners Camp Quality, Youth off the Streets, YWCA NSW
- 67 staff have served the Greater for 20 years or more, with 2 topping 40 years service
- Improved mobile banking
- 4 new social media channels launched
Media information: Craig Eardley on 0437 477 493.