We’d like to update our members with the half year financial performance of Police & Nurses Limited for the period to 31 December 2020 recording a net profit after tax result of $6.3 million.
The Group’s focus during this period has been on continued growth, supporting members through the ongoing impacts of the COVID-19 pandemic and the successful systems integration with bcu.
Loan growth trended upwards for the Group to $5.2 billion (3% annual equivalent) in a competitive market.
P&N Group CEO Andrew Hadley said the half-yearly results placed our Group in good financial shape and ahead of budget.
“We took a prudent approach to our full year financial results in 2020 in the midst of continuing uncertainty on the impacts of the COVID-19 pandemic and thankfully, the impacts have not been as severe as first thought,” Mr Hadley said.
“The $10.7 million of COVID-19 provisions we set aside in FY20 have not been used, with the vast majority of members successfully resuming normal payments. Of the 6% of customers initially offered payment deferrals, only a handful of members remain on relief packages.
“The Group continues to have strong liquidity and capital, with deposits increasing to $5.3 billion (15% annualised).
“With the merger behind us, we have embarked on our new five-year transformative strategy which will enable further improvements to our member experience and product offering over the coming 12 months.
“We expect a positive economic outlook for our Group for the second half of the financial year and a strong full year result.”