A net interest margin of 2.14 per cent, and a deposit to loan ratio of 100 per cent makes Illawarra Credit Union AUSTRALIA’S BEST CREDIT UNION, a Mozo marquee.

Illawarra is in the zone to brandish no less than five Mozo Expert’s Choice Awards. Bully to them.

It’s in the CEO’s report things get staid.

“We are committed to forging ahead with key strategic initiatives, including a commitment to sustainable business growth.

“This year we launched our broker channel. We are delighted with the relationships developed and the strong growth in new customers, with 50 per cent of our new home loan applications this year attributed to this growth channel.”

Loans to Sydney increased from 134 million to 201 million, i.e. from 27 per cent of loans to 33 per cent.

“Despite the challenges, there were several highlights, including favourable underlying performance in our core businesses with positive growth in our consumer home lending (+27 per cent) and deposit (+4.45 per cent) portfolios; improvements in customer satisfaction (84 per cent) and Net Promoter Score strong at +35.5 points across the organisation.”

In the 2020 financial year ICU’s core major banking infrastructure was reassessed as having a useful life of three years (previously seven years). An amount of $1.7m was recognised in 2020 as additional amortisation in the Statement of Profit or Loss and Other Comprehensive Income as depreciation and amortisation expense.

The core banking infrastructure asset had a nil written down value as at 30 June 2020, consequently no amortisation was expensed in the 2021 financial year.

At the end of June 2021, Illawarra Credit Union had $58 million of loans approved but undrawn (prior year $11 million).