The Mutual Bank’s continuing strong financial performance is good news for members and our community.
COVID-19 lockdowns meant we were unable to form a quorum to hold our Annual General Meeting (AGM) yesterday, however, our 2021 Annual Report has been released. The AGM will be convened at a future date with a notice provided to members in advance.
The results show remarkable resilience and growth despite the many challenges during the year. As a customer-owned bank, our profit is reinvested back into improved products, member services and our local community.
We’ve been investing in new digital banking services while maintaining traditional customer service. Initiatives include:
- upgrading our core banking system
- introducing Apple Pay and Google Pay
- a new People and Culture Plan with refined corporate values of “Integrity, Respect and Care”.
Initiatives for the financial year ahead include the introduction of online statements and an upgrade to the Mutual App with an Internet Banking upgrade also in our future.
The Mutual Bank remains the only Hunter-based local bank offering the Federal Government’s First Home Loan Deposit Scheme, New Home Guarantee, and the inaugural Family Home Guarantee to support first home buyers and single parents.
We’re proud to buck the industry trend of permanent bricks-and-mortar closures in regional and rural areas. The Mutual Bank is the only financial institution with a branch in Mayfield and Dungog after the departure of other banks.
Our member survey showed while digital banking is now the preferred way of banking, people still want the bank to have a local presence. The survey showed 80% of members were either very satisfied or satisfied and that “excellent service” was the top reason for choosing The Mutual Bank.
Our strong financial position and growth meant we employed 20 new local staff in 2020/21. It also enabled support for members facing financial hardship through the pandemic and NSW floods as well as more support to community organisations.
Some of the organisations to benefit from an increased sponsorship budget include:
- Mentor Support Network whose refugee education program was at risk of defunding
- Newcastle Food Month to support the revival of struggling hospitality small businesses
- the inaugrual Maitland Football Club’s Women’s Premier League team, who took out the 2021 Women’s State Cup.
Chairman Trevor Robinson and CEO Geoff Seccombe said the bank’s staff have the Board’s thanks and praise for their resilience and hard work.
“Throughout the challenges of the past financial year, one thing that has remained unchanged is our team’s focus and dedication in serving our members and community.”
Most importantly, they thanked members for their support in choosing to bank with The Mutual Bank.
Summary of results
- Profit after income tax: $3.5 million, up 3.9% on the previous year
- Loans funded: $220 million, up 28%
- Total loans and advances: $680 million, up 10.8%
- Total assets: $902 million, up 7.4%
- Members equity: $56 million, up 6.7%.
For more information about the Annual General Meeting or Annual Report, please call the Member Services Team on 1300 688 825.