Vic Teachers grows quickly

Victorian Teachers, one of the new breed of mutual banks, reported well above average growth in footings over the year to June 2012.

The bank's annual review, released yesterday, put growth in deposits at 18 per cent, growth in assets at 17 per cent and growth in loan approvals at 14 per cent. Victorian Teachers has A$1.7 billion in assets.

The mutual bank (when trading as a credit union) reported growth of 13 per cent in 2010 and 14 per cent in 2011. It may qualify for the distinction of the fastest-growing ADI in its segment.

This growth, along with a move to a new headquarters, in Camberwell, as well as costs associated with the change of name, retarded profit growth over the year. Net profit fell 23 per cent to $9.0 million.