Teachers Mutual Bank Limited leads in socially responsible banking products
3 May 2021
- Certified retail mortgage and deposits increased from zero to $5.86bn in just over 2 years.
- In the six months to 31 December 2020, Teachers Mutual Bank Limited’s total RIAA Certified product portfolio increased by 43% ($1.9 billion) from $4.5bn to $6.4bn.
Teachers Mutual Bank Limited has today cemented its place as Australia’s leading socially responsible bank, announcing a nearly 50% surge in its Certified responsible investment portfolio.
The publication of results comes as the largest gathering of the region’s responsible investors converge on Sydney for the Responsible Investment Association Australasia's RI Australia 2021 conference to shine a light on best practice.
In the 18 months to 31 December 2020, the total Certified product portfolio increased by 207% ($4.3bn) from $2bn to $6.4bn. The breakdown of Certified products on the balance sheet is 27% assets and 43% liabilities as at 31 December 2020.
RIAA CEO, Simon O’Connor, said: “Teachers Mutual Bank Limited sets a leading example for responsible investment in the Australian Banking community. At the moment, we are seeing consumer expectations for ethical practices grow at a rapid pace and it’s time for the finance industry to respond. We congratulate the Bank on the growth of Certified products and ongoing commitment to social responsibility,” Mr O’Connor said.
Teachers Mutual Bank Limited, CEO, Steve James, said the RIAA certification provides members both solid evidence and reassurance that the bank places responsible investment at the heart of everything it does.
“We see our Bank as a force for good with social responsibility and responsible investment driving our business practices. Under the RIAA Certification, we guarantee that every mortgage and deposit sold is a responsible investment. This means zero investment in the fossil fuel industry, at no extra cost to our members. Fighting climate change is a huge task, and we are proud to help our members contribute to this.”
The Responsible Investment Certification Symbol is the leading mark for distinguishing quality responsible, ethical and impact investment products and services in Australia and New Zealand. To receive RIAA Certification requires strict operational and disclosure requirements.
The operational and disclosure requirements of the program can only be met by the organisations are open to having their ESG processes, systems and performance made public – and in the case of products and superfunds, also subject to verification by an independent auditor.