Growing at twice system, P&N Bank has costs under control and, for now, will be putting its failed effort to merge with Beyond Bank behind it.
The bank’s 2024 annual report shows loans grew 10 per cent to $7.4 billion last year while deposits also grew 10 per cent to $7.0 billion.
P&N has more than 190,000 members and digital transaction volumes of in excess of 10 million a year.
Net profit increased 24 per cent to $24.2m million “attributable to the benefits of strong balance sheet growth, prudent net interest margin management and cost discipline.”
The bad debt charge was minimal at $180,000, down from an already kiw $820,000 the year before.
On Monday, police and Nurses Limited dropped a bombshell on their members that; following due diligence, the proposed merger with Beyond Bank would not be going ahead.
Mutual banks like P&N, and others, will now be seeking to match the scale of the sector leaders, with balance sheets of greater than $20 billion.