Lending under Tasmania’s MyHome shared equity scheme underpinned lending growth for Bank of us over the year to June 2024.
Loans and advances increased by 14 per cent to $1.5 billion as of June 2024, while deposits increased 11 per cent to $1.26 billion.
Around 450 properties have been jointly funded by the state government and Bank of us under the scheme. Receivables associated with the MyHome scheme represent around 10 per cent of lending, chief executive Paul Ranson said.
Bank of us posted a net profit of $7.0 million over the year, down from $9.4 million in FY2023.
Expenses increased nine per cent to $28.5 million, with staff costs up 16 per cent and set to increase further. The bank plans to add another 20 staff this year, takin g staff numbers to around 165.
The new staff will mainly be hired in technology roles.
“We’re building capability across the business Ranson said.”
“We’ve had seven years of double digit growth . We’ve doubled the business over the last six years from an asset point of view.
“We need to keep momentum going and … get more efficient.”
The Tasmanian roots for Launceston-based Bank of us – formerly the building society B&E – may receive even greater emphasis in the years ahead.
The bank’s Hobart-based rival MyState Bank is in the throes of a takeover of Queensland-based Auswide Bank, and Bank of us will be counting on this interstate expansion to divert the focus of MyState.