Greater Bank has reported a position of financial strength on the back of solid growth results and has continued its ongoing commitment to invest in the business, its customers and the communities it serves.
The Hunter-based, customer-owned bank announced its 2019 Financial Year results last month at its Annual General Meeting held at their Hamilton headquarters.
In what continues to be a challenging market, highlighted by tough operating conditions, record-low interest rates and shrinking margins, Chief Executive Officer, Scott Morgan, said he and the Board are exceptionally happy with the 2019 Financial Year performance.
“Our 2019 results follow the great momentum we have garnered over the last three years by driving diligent and ethical fiscal management, operational efficiencies and an ongoing commitment to delivering outstanding products and services that aim to attract new and retain existing customers.”
He said that their overall operational performance enabled them to successfully grow their customer base and loan book above system for the third consecutive reporting period.
“Our group profit of $31.45 million is in line with last year’s result, which was delivered despite the significant and increasing investment in building our business capabilities that will meet current and future customer needs.
“The digital transformation has been central to this investment over the past two years, and will remain so in the immediate future, as we meet the challenges presented by shifts in customer expectations, the evolving regulatory environment and technological advancements. This commitment will ensure our business continues to thrive well into the future,” he continued.
Above-system customer growth also positively impacted the deposit growth rate, which was 4.9 per cent. The 17.8 per cent Capital Adequacy result remains well above that of many other deposit-taking institutions in Australia, and along with an increase in assets to $7.2 billion, highlights Greater Bank’s financial strength and security.
Greater Bank’s mutuality status remains a cornerstone of the business. As a customer-owned bank that does not have shareholders, profits are not only reinvested into the business but also into fostering and supporting the communities in which the bank operates.
“Our commitment to the communities we serve runs far deeper than simply providing quality banking solutions. We have a long history of supporting the communities that support us, which remains an important pillar of our business strategy,” Scott said.
“During the 2019 Financial Year, our sponsorship portfolio focused on seven major partnerships and a further 41 local area partnerships across NSW and South-East Queensland, which includes our major community partnership with the Newcastle Jets.”
In addition to this, the Greater Charitable Foundation celebrated a total funding allocation of more than $8 million, which has gone to 28 charitable organisations since 2011.
This financial year, the foundation supported 14 charity partners which covered a range of projects from cancer support, mental health services to youth education programs.
Looking ahead to 2020 and beyond, Scott said that the strategic plan, coupled with the underlying philosophy to provide our customers and the communities with banking solutions that genuinely meet their needs, will continue to guide the business and its operations.
“Focusing on the needs of our current, diverse customer base, as well as those of future customers has always and will continue to be the guiding principle of our business,” he said.
“While we remain committed to our foundations, our investment in technology and innovation will continue to increase to ensure we prosper in what will continue to be a challenging operating environment.”
Greater Bank now serves more than 270,000 customers across NSW and South East-Queensland
IMAGE | Scott Morgan, Greater Bank’s Chief Executive Officer (CEO).
