HUNTER United says its strong annual results show it is a “growing alternative” to the big banks.
The customer-owned, Hunter-based mutual released its end of financial year results ahead of its November annual general meeting. In the last financial year, total lending assets rose by 8 per cent while deposits grew by 9 per cent. Total assets also grew by 9 per cent to almost $330 million. With capital adequacy above 16 per cent, the credit union remains “very safe and secure”. This growth has delivered a 27 per cent increase in net profit to $536,000.
Its chief executive, Tim Blomfield, said lending and deposits were up again due to locals leaving major banks. He said because it didn’t have shareholders, Hunter United could reinvest profits to benefit members.