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ISCOVER
Staff Reporter
Australia’s credit unions and building societies have significantly grown their market share over the last 12 months, new research has revealed.
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According to Abacus, the customer owned banking sector has grown its total assets by 4.5 per cent in the 12 months to 30 June.
In addition, the sector has recorded annual housing loan growth of 5.1 per cent; and grown its deposit market share by 7 per cent.
Speaking about the results, Abacus chief executive Louise Petschler said she was pleased to see credit unions, building societies and mutual banks delivering strong performances in a market that remains challenging.
“Our sector is delivering a customer driven alternative to the major banks and has recorded a stable and sustainable set of numbers,” Ms Petschler said.
“It is important we report the performance of mutual banks so our industry can truly reflect its performance.”
