P&N Bank has not skipped a beat since changing its name from Police & Nurses Credit union in March, according to its acting chief executive, Dave Spearman.  Yesterday, P&N issued a media release reporting a net profit of A$12.1 million for the year to June - up nine per cent on the previous corresponding period.Deposits increased by 10 per cent to $2 billion. Spearman said: "Members appear to have endorsed our new positioning, with membership up by four per cent."P&N Bank has 17 branches in Western Australia and claims to be the largest locally owned bank in the state.The lending side of the business was soft, with assets increasing by one per cent to $2.85 billion."Low credit demand provided the opportunity to improve asset quality," Spearman said.The bank's capital ratio increased by 1.5 percentage points to 16.4 per cent.