- Standard and Poor’s (S&P) today retained Defence Bank’s credit rating as BBB | Positive | A-2.
- S&P delivers a positive outlook for Defence Bank
- S&P noted Defence Bank’s “strong customer base with stable repayment prospects”
- Member focus paying off – to serve everyday banking needs of the ADF and defence community
Defence Bank has been acknowledged for its strong and sustained financial performance by retaining its rating from S&P of BBB | Positive | A-2, recognising the quality of its membership base and bright prospects for the future.
S&P recognised Defence Bank’s “customer base supports sound credit quality” reflected by the “stable repayment prospects” of its members.
S&P noted Defence Bank’s above system loan growth and high risk adjusted capital ratio (RAC) which S&P describes as a “very strong capital position”.
Defence Bank Chief Executive David Marshall welcome the re-affirming of the S&P rating.
“This is a really welcome independent endorsement that gives a big tick to our strong financial position and the unique relationship we have with members.
“We serve those who protect us and have a purpose over profit focus.
“We exist to serve the everyday banking needs of the men and women of the ADF and the defence community.
“S&P has recognised this relationship and what we as a team deliver, including home loans under the Defence Home Ownership Assistance Scheme.
“We help our members into home ownership without getting them in over their heads.
“We are honoured each day to work with the men and women of Australia in our defence community.
“There’s a place for banking with a purpose and our financial results as measured by S&P show our strategy is working.
“As S&P has found, our risk-adjusted capital (RAC) ratio will likely continue to be well above our banking peers for some time to come and there is cause for optimism, despite changing economic conditions.”
