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Teachers Mutual Bank has thanked brokers for helping it grow its home loan portfolio by 11.4 per cent during the last financial year.
The bank said the growth in its home loans business during 2013/2014 was partly due to its decision to enter the third-party channel in late 2013.
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Teachers Mutual also reported a net profit of $25.8 million for the 12 months to 30 June 2014, which was down 8.2 per cent on 2012/2013.
The profit decline was attributed to the “abolition of some transaction fees, a fall in interest rates, and continued capital investment in IT systems and product development”.
Revenue grew 5.5 per cent to $126.5 million, while net assets rose 6.9 per cent to $365 million.
Chief executive Steve James said Teachers Mutual would continue to invest in product innovation, following the introduction of a mortgage offset facility in 2013/2014.
“We are steadily building our credit card portfolio, which grew by 1.86 per cent in 2013/2014, more than three times the banks’ average of 0.5 per cent,” Mr James said.
“In 2015 we’ll be continuing our journey of strong growth, product development, prudent lending and exceptional loan quality.”
Home loans represent 92 per cent of Teachers Mutual’s loan portfolio.
[Related: Teachers Mutual targets Tasmania]
