The net profit of Great Southern Bank has dived, to $37.3 million over the year to June 2024, from $44.5 million in FY2023.
In FY2022 the bank’s profit was $70.5 million, which included the sale of CUA Health.
Great Southern yesterday released an outline of its trading highlights for the year rather than its annual report, and there is no scant commentary on its net interest margin and expenses.
“Despite disciplined cost management, the bank’s operating costs were up by 3.3% as it faced into economic headwinds including higher inflation and cost of living pressure” the bank said.
“Net interest income remained steady at $349 million even as compressed margins and strong competition impacted the banking sector.
“There was a six-basis point uptick in the bank’s 90+ days home loan arrears.
“Great Southern Bank saw growth particularly in personal loans, credit cards and investor home lending.”
It said it entered into more than 35,000 individual payment plans or hardship arrangements to help customers experiencing vulnerability across the year.
Tellingly, Great Southern failed to mention the degree of progress with its push into business lending, and APRA data suggests this is meagre.