BCU’s total assets ended the year at $1.18 billion, up 19%, with deposits and loans growing more than 14% during the year. BCU’s net profit after tax for the financial year was $6.9 million.

BCU Chief Executive, Lyndon Kingston, said the performance confirmed the strength of BCU’s overall business and the confidence placed in BCU by its membership.

“The results show that we have successfully steered a course through the uncertainties of the last couple of years and emerged from them as a stronger financial institution,” Mr Kingston said.

Mr Kingston said the results were influenced by above industry average loans and deposit growth, prudent increases to loan loss provisions and disciplined expense control.

He said the largest contributor to BCU’s growth was the $123.4 million increase in loans.

“This clearly demonstrates that BCU has supported the region during a period when many other financial institutions were scaling back their lending activities,” Mr Kingston said.

He said BCU had prudently increased the provisions for loan losses to provide additional coverage for any potential and unexpected increase in loan defaults.

“This provides a higher level of strength to BCU’s balance sheet and the security for member deposits,” Mr Kingston said.

“Our members and communities also benefited with BCU giving back over $1m in loyalty rebates and sponsorship of community initiatives across the region.”

He said the BCU Board and staff were proud of BCU’s growth from the organisation’s beginnings in Macksville in 1970 when assets totalled just $6,809 and loans were repaid at a rate of 20 cents per carton of bananas sold at market.

“The fact that we have come such a long way is recognition that people are still seeking out simple, effective banking products from a financial institution that is committed to supporting our region,” Mr Kingston said.

It’s been an important year for BCU. We are rolling out our fresh, new brand which honours our origins, and we are celebrating 40 years of putting the ‘fair go’ back into banking.”