mecu, one of Australia’s largest and most successful credit unions, presented its best financial results ever to members at its Annual General Meeting in Melbourne last night.
CEO Phylip Doughty said, ‘Our financial performance for the 12 month period to 30 June this year was outstanding, despite the financial crisis, and our strong commitment to sustainability underpins that result’.
One of the very few Australian financial institutions to report an increase in profit, mecu’s post-tax profit rose by 4.36% to $18.314m taking member reserves to $209m up 15.8%.
‘We are now one of Australia’s most successful credit union’s in terms of work place culture, financial performance, strength of balance sheet and customer satisfaction and this wouldn’t be possible without a values based approach to banking’, stated Doughty.
- Our achievements 2008/09 financial year:
- After tax profit was $18.314m – up 4.36%
- Assets grew 21.97% to $1.848b
- Loan portfolio grew 26.75% to $1.398b
- Member deposits grew 24.04% to$1.608b
- Member reserves are at $209m having risen by 15.8%
- Returned a member dividend of $24.047m equating to $210.07 per member
- Member satisfaction is at 93% and staff satisfaction is up from 86% to 88% representing world's best practice
- Won three AFR Smart Investor Blue Ribbon Awards including:
- Best Credit Union of the Year
- Variable Rate Loan (for our premium Home Loan)
- Low Rate Card (for our Low Rate Visa Credit Card at 8.89%)
- Won Sustainability Reporting Category of the Australasian Reporting Awards
- Won Victorian Premier’s Sustainability Award for Products and Services including:
- Eco Pause feature on home loans allowing for environmental upgrades
- Biodiversity offsets for new home constructions
- Carbon offsets for climate mitigation, both offsets take place on our Conservation Landbank property in the west Wimmera.
mecu was the first Australian credit union to receive an investment grade rating from Standard and Poor’s. ‘This was renewed in April, in the midst of market turmoil, affirming the confidence that our shareholders (members) have in our business’, Mr Doughty said.
Last financial year mecu and two credit unions made preparations for mergers. RegionalOne Credit Union (ROCU) transferred its business on 1 July 2009 and Maroondah Credit Union (MCU) transferred its business to mecu on 1 August 2009. The transfers of ROCU and MCU have created a credit union with assets of $2.3b, 33 branches and 380 staff.
Further Information
Phylip Doughty CEO mecu: Ph: 03 9854 4646 M: 0412 515 208
The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about mecu products or rates, please go to interest rates and fees.
Click here to view outcome of mecu's 2009 Annual General Meeting
