Mutual assets growing faster than the banks

Friday, 02 December 2011 13:47

The Australian Prudential Regulation Authority has released statistics showing Mutuals (Credit Unions, Building Societies and Mutual Banks) are growing faster than the big 4 banks, reinforcing the continuing strength and growth of the mutual sector.

Total assets grew by 8.7% for the year ending 30 September 2011, higher than the comparable growth rate for the major banks at 7.9%.

The results are said to instill even more confidence in the Australian consumer about the value of customer-owned banking. With loans seeing a 8.4% growth and deposits 9.6%,  both results were well ahead of the major banks (7.0% and 8.0% respectively) over the same period.

"We don't get distracted by justifying enormous bonuses, or by spin doctoring billion dollar quarterly profits. We just get on with delivering what our customers want," said Ms Louise Petschler, CEO of Abacus, the industry association for customer-owned banking institutions.

More than 4.5 million Australians bank with a Mutual, the sector has combined assets of more than $83 billion.  If you are not yet a member, get in touch and experience the difference for yourself.