Credit Union Australia (CUA), a provider of financial, health and insurance solutions, has reported a slight drop in profit.
An article by Coop News detailed CUA’s financial results for the year ending June 30. The credit union’s net profit after tax (NPAT) was down by 1.9% from the previous year to $54.79 million. Despite this, its retail deposits grew by 5.3% to a record $9.22 billion, while loans under management were up 6.7% to $12.30 billion. Assets rose 4.1% to $14.32 billion.
CUA also recorded a net increase of 20,008 banking members. This growth, CEO Rob Goudswaard noted, was driven by the digital changes, brand awareness campaigns and an increase in the total value of new lending.
Meanwhile, CUA Group’s insurance business, CUA Health, reportedly saw a $1.49 million year-on-year increase in NPAT to $8.99 million.
“Looking to the year ahead, our focus will be on delivering simple, competitive and effortless products and services, while maintaining the personalised service and care that members know and trust,” Goudswaard added.
