Teachers Mutual Bank home loans grow 3 x system amid strong year
24 September, 2019
Teachers Mutual Bank Limited Annual Results 2018–2019
Teachers Mutual grew strongly again this year with balance sheet growth of 13.61% and home loan growth of 10% while membership passed 200,000 for the first time. Profit was down slightly, to $27.06 million.
Commenting on the results, Steve James, Chief Executive Officer of Teachers Mutual Bank Limited said:
“We’re delighted that our banking model of members first continues to grow in popularity with another year of strong growth. To grow our home loan book at three times system, nearly 10%, is a fantastic achievement in a year where the housing market struggled overall.”
“We were also very pleased to continue to attract more members and grow our community: we now have over 205,000 members and are the second largest mutual bank in the country. People join us because they know we will put their needs first and use their money responsibly. This is reflected in our NPS score, which was the highest of any financial institution in Roy Morgan’s July 2019 report1.”
“Something we’re particularly proud of this year is the leap forward in our goal to be the most socially responsible bank in Australia. We became the only Australian financial institution to have all retail deposits, mortgages, and wholesale funding certified as ethical or responsible2.”
Teachers Mutual Bank Limited profits dropped slightly from last financial year to $27.06 million, down $4.7 million, amid tighter margins for the banking industry as a whole.
Home loans (owner occupier and investor) grew by 9.76%, more than 3 times system growth of 3.03%, to a total of $5.9 billion. This growth occurred across all four brands, including Health Professionals Bank which launched last financial year.
The Teachers Mutual Bank Limited balance sheet increased by 13.61% (nearly $1 billion) on the back of strong deposits from households. Household deposits increased by $695 million last financial year and are now over $6 billion, the most of any Australian mutual bank.
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