- It took 35 years to reach $1B (1975-2010), with the $2B mark achieved 7 years later in 2017.
- Defence Bank then grows from $2B to $3B in four years (2017-21).
- Record investment in Member focused product and service strategy paying dividends.
- Proud record of being a partner in key initiatives helping members into home ownership.
Defence Bank has reached a historic milestone by recording $3 billion in assets, surging by a billion dollars in only four years.
The remarkable trajectory is illustrated by the fact it took the first 35 years for Defence Bank to reach $1B (1975-2010), and a further seven years to get to the $2B mark.
Defence Bank Chief Executive David Marshall pointed to the Bank’s investment in a people led, technology enabled transformation, supported by a Member driven focus as key factors in the speed of the growth in recent years.
“Defence Bank has chosen to move and not stand still.
“As a bank we care deeply about the privileged position we hold to serve the very people who protect us.
“But whether deployed overseas or back here at home, we wanted to reduce Member effort, be much more in tune with their busy lives and make it much easier to bank with us.
“Our ongoing investment in our Defence Bank app was just one example, where we responded to the needs of our members to have simple convenience at the fingertips whenever they were on the go, both here and abroad.
“We’ve proven you don’t have to be the biggest to be the best in banking. We are regularly first to market, often in advance of the major banks, with new products and services that our Members demand. We quickly established our digital wallet, offering real-time payments across Apple Pay, Fitbit Pay, Garmin Pay, Google Pay and Samsung Pay. That convenience and choice is just one of the reasons we are rated so highly by our Members with our app getting a 4.8 out of 5 rating in the App Store”.
“Importantly, Defence Bank has worked with Government and participated in initiatives that helped Members into homes, including the Defence Home Ownership Assistance Scheme (DHOAS), and the First Home Loan Deposit Scheme (FHLDS) which has made us a true one-stop shop for Members.
“In the last year Defence Bank sought and received a Moody’s rating of Baa1 | Stable | P-2, launched the Defence Bank Foundation Visa Card, and delivered sustained high member satisfaction through Net Promoter Scores that other banks can’t match.”
Defence Bank CEO David Marshall said:
“Reaching the $3Billion mark is a significant moment for Defence Bank. To achieve this milestone at a time of significant uncertainty and upheaval during the COVID pandemic is very humbling. As our trajectory shows, Defence Bank will go from strength to strength and is poised for continued robust growth over the next few years.
“We are well positioned for the future with a strong capital position and bold plans for our next chapter.”