Setting the standard in the mutual banking industry, G&C Mutual Bank is a cost leader and a model of efficiency in banking.
Its 2022 cost to income ratio is nothing to write home about of itself. But exceptional for this sector.
The ratio this year at 67.9 per cent, down from 73 per cent - following a year of asset growth of 22 per cent.
Costs will be falling in 2023 and beyond the CEO Rosanna Argall told Banking Day.
“We’re projecting another very solid year,” she said.
“The cost to income ratio, we’re projecting to end the year in the high 50s
“We’re very efficient, we do everything in house. We don’t use brokers, we generate out own loan growth.
“We reduce costs where we can.”
With assets of A$2 billion, Sydney-centric G&C feels underweight.
“We’re very well positioned to take on mergers,” Argall said.
“We’re always open to talk to people, while making sure there’s a great cultural fit.”