CPS earnings on target

Community CPS Credit Union has repaired its interest margin and reported a half-year profit close to long term-targets.

The credit union, based in Adelaide, is the sixth largest in the sector with $2.7 billion in assets.

CPS said its net profit rebounded to $10.8 million in the December 2009 half year, up from $1.3 million in the December 2008 half. Underlying earnings were $9.3 million.

The credit union recorded a return on assets for the half year of 0.7 per cent. The return on equity was 9.3 per cent.

CPS merged with United Credit Union, based in Perth, in late 2008 and merged with Companion Credit Union, based in the NSW Hunter Valley, last month.