Mutual banks continue growth after a difficult year

Mortgage Business
Mutual banks continue growth after a difficult year
By Tony Zhang
29 December 2020
Australia’s mutual banks, building societies and credit unions recorded another year of growth in a challenging year with bushfires, floods and the COVID-19 pandemic, along with continued competitive pressures in a low interest rate environment.
KPMG Australia’s
Mutuals Industry Review 2020 revealed that mutuals’ balance sheets (net assets) grew 4.6 per cent (2019: 6.4 per cent) to $9.8 billion, while overall operating profit before tax fell by 19.1 per cent (2019: fell 3.6 per cent) to $494.3 million (2019: $611.0 million).
The report is based on the financial results of 47 mutuals (representing over 97 per cent of the sector by total assets and profit before tax) as well as a qualitative survey, which asked the lenders to share their views on the risks, challenges and opportunities they see facing the industry. 

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