Correction: CUA profit

Credit Union Australia reported a statutory net profit in the year to June 2009 of $2.9 million, down from a $60.6 million profit last year. The newsletter mistakenly reported this yesterday as a loss, and apologises to CUA and readers for the error.

As correctly reported yesterday, CUA posted an underlying net profit after tax of $43 million for 2009, up from $36.7 million last year, and with the difference between the underlying and statutory profits due to accounting for the fair value of interest rate hedges.