Australia’s credit unions, building societies and mutual banks (‘the mutuals’) performed strongly in an environment of low economic growth, interest rates and inflation in 2016.
KPMG Australia’s Mutual Industry Review 2016 finds that mutuals’ balance sheets were strengthened with asset growth of 7.8 percent, compared with 5 percent for the overall banking industry. Profitability metrics were up, with $626 million profit before tax reported for the year, an increase of 2.7 percent on 2015.
Hear more from Peter Russell, National Mutuals Leader.
Read the full report: Mutuals Industry review 2016