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P&N Group half year financial results

Key highlights

  • The Group delivered net profit after tax of $9.8 million for the half year to December 2021.
  • A unique multi-brand model, alongside a Group-wide transformation program, should appeal to a consolidating industry sector.
  • Pleasing loan portfolio growth in competitive marketing, funded by stable deposit growth.
  • Positive economic outlook tempered by the expected rise in inflation and interest rates, together with geopolitical uncertainty.

P&N Group (Police & Nurses Limited) recorded solid financial results for the six-month period to 31 December 2021, delivering a net profit after tax of $9.8 million.

The Group’s focus during this period was on continued organic growth through the retail, broker and business banking channels, the roll out of a major strategic transformation program, and navigating the COVID-19 pandemic.

Group loans grew 3.7% in the first half to $5.56 billion, in a competitive market.

Leveraging its two customer-owned banking brands, P&N Bank (WA) and bcu (NSW and Qld), the Group has continued to develop and embed a unique multi-brand operating model that positions it well to benefit from further industry consolidation.

P&N Group CEO Andrew Hadley said the half-yearly results placed the Group in a solid position.

“The ever-increasing investments required in specialist skills, sophisticated technology, cyber security, and digital and data solutions, means size and scale is increasingly important.

“While the future for the Australian customer-owned banking sector remains positive, further industry consolidation is inevitable evidenced by the two recent merger announcements by four of the top six customer-owned banking groups in Australia.

“With the learnings and benefits of our recent merger with bcu realised, P&N Group has both the appetite and playbook to continue to add additional brands to our unique multi-brand model.

“Our major transformation program has moved into the execution phase and is realising early benefits, aiming to deliver a more customer-centric bank of the future for our current and future customers.

“Whilst Australia’s economy continues to rebound from the pandemic, the expected rise in inflation and interest rates, together with geopolitical uncertainty, will require a close watching brief.”

View summary of P&N Group’s half year results to 31 December 2021