Socially responsible products surge 43% to $6.4 billion in 6 months
3 May 2021
Teachers Mutual Bank Limited reported today that its total Certified responsible investment portfolio increased by 43% ($1.9 billion) from $4.5bn to $6.4bn in the six months to 31 December 2020. It is the only Australian bank with all retail deposits, mortgages and wholesale funding certified as responsible investment by the Responsible Investment Association Australasia (RIAA).
CEO Steve James said “Under the RIAA Certification we guarantee that every mortgage and deposit and wholesale product sold is a responsible investment”.
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.”
In the 18 months to 31 December 2020, the total Certified product portfolio increased by 207% from $2bn to $6.4bn. The breakdown of Certified products on the balance sheet is 37% assets and 34% liabilities, as at 31 December 2020.