Last week, Australia’s largest credit union reported a solid first-half financial result.
CUA CEO Rob Goudswaard said, “In the context of the royal commission and the cultural behaviors it highlighted, Australians are clearly looking for an alternative that empowers them by placing the control of their finances back in their hands. CUA is owned by our members, not shareholders, so we put the interests of our members at the heart of everything we do.”
CUA recorded 17,000 new members and loans under management grew to $13.26bn, an increase of $0.96bn for the period.
New lending of $2.29bn was about 79% higher than the $1.28bn issued for the corresponding period last year. Its total loan book value sits at $13.26bn.
“Mortgage brokers are an important lending channel for CUA and accounted for just over 57% of our new mortgage lending, or $1.24bn of loans, during 1H19. This was more than double the $502m in broker-originated loans issued for the same period in FY18, when broker originated lending accounted for 43% of new loans,” said Goudswaard.
“Given the strong consumer preference for mortgage brokers at an industry level, it is important for CUA to be available to consumers in the channel of their choice.”
CUA also reported continued efforts to modernise its branch experience, in order to continually meet the changing needs of its members and the communities they live in.