The 2007/08 financial year saw Savings & Loans continue our vision of providing everyday Australians with affordable access to banking and finance, while still expanding our operations.
Despite a difficult year, we’ve had continued stable financial performance –this was due to good financial management ,a commitment to member service and our strong values as a mutual organisation.
Net profit for the year was $10.89m. This was 31 per cent lower than last year’s result. Profit was always planned to be lower this year because of the culmination of some major projects, including expanding our branch network and launching our new brand and logo.
Total assets under management are now $3.05b, showing growth of $480m over the reporting period. This is the result of organic growth through our existing branch network and our expansion into new markets, which will contribute to building the Credit Union in years to come.
The increasing cost of funds across financial markets also impacted on our financial performance.
Staff and general expenses have increased on previous results, due mainly to Savings & Loans’ expansion into Melbourne. It’s important to note that this rise is significantly below our initial estimates, and that we have continuing efficiency programs in place to reduce expenses as appropriate.
Given the instability that has dogged financial markets and the wider financial services industry during the year, the Board regards this as a sound result that builds a solid platform for the Credit Union’s future operations.
My daughter Megan wouldn't be where she is today were it not for The Smith Family's Learning for Life program and, in turn, Savings & Loans.
Charmaine, member