A credit union and a bank have signed a Memorandum of Understanding to enter merger discussions. Victorian-based Pulse Credit Union Limited and Teachers Mutual Bank Limited (TMBL) have announced the
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 qualitat
Non-majors outperform majors in customer satisfaction By Sarah Buckley 18 December 2020
A non-major bank has topped the banking sector overall in customer satisfaction, with the big four trailing behind, according to new data.
According to findings taken from Roy Morgan’s recent
Customer Satisfaction Report on Consumer Banking in Australia, Beyond Bank Australia scored the highest in October with 92.3 per cent (up 2.4 per cent in 12 months).
Two other non-majors came in second and third place; Newcastle Permanent achieved 90.3 per cent (up 3.6 per cent), while People’s Choice was the highest-ranked credit union, with 88.1 per cent.
Although trailing behind, and down 1.0 per cent from October last year, the Commonwealth Bank of Australia (CBA) maintained its lead of the four major banks from 2019, with 77.9 per cent of cust