Key highlights
- The Group delivered net profit after tax of $9.4 million for the half year to December 2023.
- Pleasing loan portfolio growth in competitive market, funded by continued deposit growth.
P&N Group (Police & Nurses Limited) recorded solid financial results for the six-month period to 31 December 2023, delivering a net profit after tax of $9.4 million.
The Group’s focus during this period was on continued organic growth through the retail, broker and business banking channels, the successful close out of a major strategic transformation program and navigating a competitive deposit landscape.
Leveraging its two customer-owned banking brands, P&N Bank (WA) and BCU Bank (NSW and Qld), in the first half, Group loans grew 7.5% to $7.2 billion and Group deposits grew 6.4% to $6.8 billion.
Managing Director and CEO, Andrew Hadley said the half-yearly results placed the organisation 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 continue to be important.
“Our major transformation program has delivered a suite of best in class technology platforms that are helping us to deliver on our customer value proposition with ongoing investment continuing.
“In terms of the financial outlook, we expect margin pressures to continue for the first half of 2024 before normalising, with further competition for deposits throughout 2024.”
View a summary of P&N Group's half year results to 31 December 2023.