Mutuals: Time to take off
Increased capital and new technologies give Australia’s credit unions, building societies and mutual banks (the mutuals) a platform for growth.
The performance of Australia’s mutuals for the year ended 30 June 2015 shows the return of solid growth to the sector. KPMG’s Mutual Industry Review 2015, released today, reveals total assets for the sector grew by 7.4 percent, almost double the growth rate of 3.8 percent recorded in 2014, while total profits before tax were A$624 million, a 3.1 percent increase from 2014.
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