Heritage Bank and People’s Choice Credit Union overcame the distractions of their merger and integration to maintain growth in lending and deposit taking over the 2022/23 financial year.
The two mutuals announced that they would merge in April last year and completed the merger in February. They are yet to decide on a change of branding.
The group released highlights of its results for the year to June 2023 yesterday, reporting on a pro forma basis that compares the results at June 30 with the combined positions of the two organisations at June 30 last year.
Home lending grew 5.2 per cent to A$18.3 billion, compared with system growth of 4.7 per cent over the same period.
Total loans and advances were up 5 per cent to $19.1 billion. Total assets were 2.6 per cent higher, at $23.3 billion.
The retail deposit book grew 3.5 per cent to $17.8 billion.
The group reported net profit of $32.1 million. This figure is derived from a complicated calculation and is not comparable with prior years.
Heritage and People’s Choice chief executive Peter Lock said the merger had met all expectations so far.
“We’ve not only grown our membership, lending, deposits and assets, we’ve also maintained high levels of customer satisfaction and delivered a solid profit despite the cost of integration,” Lock said.