Bulletin 25 – KPMG survey 2010: Credit unions and building societies show their strength, resilience, competitiveness

KPMG’s Building Societies and Credit Unions 2010 Survey released on 16 November 2010 highlights the “strength, resilience and competitiveness” of the mutual banking sector. 

The survey shows non-bank lenders have increased their profitability and balance sheet growth over the past year, and are well-positioned for further growth. Building societies’ profitability rose by just over 34 per cent, while credit unions experienced profit growth of more than 37 per cent in the 12 months to the end of June. Their assets and capital levels have also increased.

“The Australian mutual sector is well-capitalised with strong growth performance, as noted by KMPG’s report. This is great news for Australians who may be looking for a better value banking,” said acting CEO of Abacus – Australian Mutuals, Mark Degotardi.

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