- Defence Bank delivers strong first six months of 2020/2021.
- Record loan funding, up 19 per cent from the same period last year.
- Loan book growth of 9.4 per cent (annualised).
- Call deposit book growth of 30.1 per cent (annualised).
- Sustained Member Advocacy with very high Net Promoter Scores.
Defence Bank today announced a strong half-year result that continues to support record investment in new products and services for Members.
Defence Bank recorded loan funding growth of 19 per cent and deposit growth of 30 per cent.
Commenting on the performance Defence Bank CEO David Marshall said:
“We have never used COVID-19 as an excuse in our business.
“Instead we have made sure home loan turnaround times for Members are one of the best in Australia.
“These results allow us to continue to invest heavily in our products and systems to allow Members to bank when, where and how they want.
Figures released by Defence Bank today for the first half of 2020/2021 show:
- Loan funding of $316.3 million, a 19 per cent uplift from the same period last year.
- Loan book growth of $109 million to $2.42 billion, implying an annualised growth rate of 9.4 per cent.
- Call deposit book growth of $143 million, an annualised growth rate of 30.1 per cent.
- Strong capital position of the Bank with $15 million of subordinated debt recently issued that prepares the Bank for future growth initiatives.
- High Member Advocacy with a six month average NPS of +46 and Member effort score of 83 per cent (Members who agree that Defence Bank makes it easy to do their banking).
In the last six months Defence Bank sought and received a Moody’s rating of Baa1 | Stable | P-2, launched the Defence Bank Foundation Visa Card, and maintained very high member satisfaction through Net Promoter Scores that are the envy of the big four banks.
Marshall said while the outlook was challenging to predict, Defence Bank has more to do.
“Delivering the highest standard of service for our Members has never been more important to us. We won’t take anything for granted. Moving forward we will continue to invest to deliver a competitive member-owned banking alternative.”