Despite a difficult financial environment, NZCU Baywide Chief Executive Gavin Earle today announced a $1.2 million operating profit for the year end 30 June 2013, and an increase in assets by $10 million to $229 million.
“The pleasing result could be attributed to the wide range of financial services our branches offer, which rival those offered by regular banks and our continued support of the communities in which we operate.
“Overall, NZCU Baywide continues to perform very well, with an operating surplus ahead of last year and continued investment in quality service, products and innovation for the benefit of our members,” said Mr Earle.
Over the past 12 months, NZCU Baywide has invested in numerous areas including implementation of the MasterCard Debit card, a new mobile-optimised website and enhanced social and digital media to engage and grow the membership.
The credit union has also introduced a new Get Started home loan, designed to help members step up on to the property ladder. Additionally, there has been continued investment in NZCU Baywide’s network, with the refurbishment of the Lower Hutt branch and the relocation of the Wairoa branch.
“Another major project currently underway is the introduction of a mobile banking app that will give members even more convenience to access their credit union,” said Mr Earle.
• A $1.2 million operating profit
• Total assets increased by $10 million to $229 million
• Member deposits grew by $8 million
• Loans grew by $4 million
NZCU Baywide Chairman Iain Taylor attributes the success to a dedicated and focused management team and avid support from the current NZCU Baywide membership.
“Against the background of increased compliance, competition and a generally tight economy, it is pleasing that we have returned to our members a satisfactory surplus,” he said.