Key highlights
- The Group delivered net profit after tax of $6.3 million for the half year to December 2020
- Completion of major BCU systems integration
- Continue to be well-funded, with Group deposits increasing to $5.3 billion (up 15% annualised)
- Loans and advances increased to $5.2 billion (up 3% annualised)
Police & Nurses Limited (P&N Group) recorded pleasing first-half financial results for the period to 31 December 2020, delivering a net profit after tax of $6.3 million.
The Group’s focus during this period was on continued growth, supporting customers through the ongoing impacts of the COVID-19 pandemic and the successful systems integration with BCU.
Following the merger, the Group has developed and embedded a multi-brand operating model that positions it well to benefit from expected further industry consolidation.
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 the 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 customers successfully resuming normal payments. Of the 6% of customers initially offered payment deferrals, only a handful of customers 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 customer experience and product offering over the coming 12 months.
“We expect a positive economic outlook for the Group for the second half of the financial year and a strong full year result.”