G&C hit the high notes

Ian Rogers

G&C Bank, one of the faster growing banks in the country, is maintaining momentum over the first quarter of the year, with annualised mortgage growth over the September quarter of close to 22 per cent.

The net profit for the bank over the tear to June 2021 was $6.02 million, a decrease of 3 per cent over 2020, a year in which loan balances increased 17 per cent (but, assets barely budged at $1.3 billion).

The return on assets for G&C was 0.5 per cent.

At a time of increasing tempo of mutual bank mergers G&C will remain an observer, for now.

“I’m sure there’s lots of conversations going on,” Rosanna Argall, G&C Bank’s CEO of four months, told Banking Day.

“We, as you know, are open to mergers … no doubt the consolidation is going to continue.”

But G&C Bank is generating its own scale economies.

“We had a cracking quarter in terms of loan growth,” Argall said.

“As you will see we have achieved some very strong results for 2021 and are on track to achieve just as good, if not better for 2022, given our first quarter results.”