NSW credit suits Vic Teachers
A key benefit for Victoria Teachers Credit Union from the alliance with the Sydney-based Teachers CU is the association with an institution that has a credit rating.
Sydney's Teachers CU has a BBB+ credit rating from Standard & Poor's.
Teachers has $3.1 billion in assets, an ROA of 0.82 per cent, deposits of $2.7 billion, NPAT of $25 million and loans of $2.4 billion.
Victoria Teachers Credit Union had $1.3 billion in total assets and over 83,000 members at 30 June 2010.
Total deposits were $1.1 billion and total loans $990 million. Net profit after tax was $8.6 million, with a return on average assets of 0.73 per cent.
"That will help with marketing ourselves," said Victoria CEO William Wolke.
There are no plans for any joint debt-raising.