P&N Group (Police & Nurses Limited) ended the year with Group profit after tax of $28.2m, up 17% on the previous year, above system balance sheet growth, and with a stable and resilient capital position.
Representing more than 200,000 P&N Bank and BCU Bank customers across Western Australia, Queensland, and New South Wales, P&N Group remains focused on delivering trusted, customer-owned banking with fair pricing, exceptional service, and smart offerings to help more Australians get ahead.
P&N Group Managing Director and CEO, Andrew Hadley said the Group had achieved solid financial results alongside its focus on the necessary ongoing strategic investments to protect long-term member value, resilience, and sustainability.
“With inflation, cost-of-living, and interest rates remaining elevated for much of the year, the Group balanced competitive interest rates with delivering the support, services, and value our customers need most, while also making important progress toward becoming a more sustainable organisation,” Hadley said.
“We finished the year with net profit after tax of $28.2m, the result of our strong balance sheet growth, prudent net interest margin management, and cost management discipline.
“Delivering above market growth in lending and deposits, up by 7%, and 11% respectively, it was pleasing to see our products, customer value propositions, and service offerings continue to attract an increased share of the market, with 13,480 new customers introduced to the benefits of customer-owned banking.
“Our all-important capital measures remained broadly stable, with our total regulatory capital ratio ending the year at 14.8%. Reflecting our strong credit practices and diligence in helping customers navigate their way through the difficult environment, loan impairment provisions levels remained consistent with the prior year at 0.08% of gross loans and advances.
"We continued to offer competitive transaction, savings, and loan products providing value to
borrowers and savers alike. This included the introduction of our new P&N Savvy Saver and
BCU Boss Saver wealth building products.
“We remain committed to strategically partnering, and investing in skilled and experienced people, along with the technology, security, fraud prevention, and compliance measures needed to protect and serve our customers.”
Improvements to our services and security
As customer expectations evolve alongside the ever-changing technology landscape, the Group must provide exceptional customer experiences and high-quality products and services to remain a trusted banking provider for its customers.
“We introduced a more streamlined home loan journey that now provides customers and brokers with instant digital contract delivery. This means most customers now receive their loan documents within minutes of loan approval, helping them get into their dream home sooner,” Hadley said.
“While the use of digital banking continues to grow, with close to 12 million transactions made through Internet Banking and our mobile banking apps - up 10.5% year on year, we recognise our customers value face-to-face conversations and are committed to being available where they choose to bank with us.
“In recognition of our focus on providing an exceptional customer experience, for the second consecutive year, and third time, P&N Bank was awarded Bank of the Year 2024 in Roy Morgan’s Customer Satisfaction Awards. Also, through our ongoing partnering with our brokers, P&N Bank was rated the bank with the strongest third-party channel among mutual banks in Broker Pulse’s 2025 Third-Party Lending Report of residential mortgage brokers.
“Additionally, through dedicated focus on the needs of our business banking customers, we have helped more business banking customers grow or develop their business than ever before.
“Throughout the year we delivered enhancements to our fraud and scam frameworks in alignment with, and beyond the scope of, the Scam-Safe Accord, including comprehensive training and awareness programs to ensure our people have the necessary skills to identify and prevent fraud and scams.
“Our Group remains in a strong and secure position, with growth continuing to be a key strategic priority.”
Our commitment to social impact responsibility
P&N Group continued to embed its Environmental, Social, and Governance Strategy, acknowledging climate change is one of the most significant challenges of our time.
Several initiatives were progressed during the year through the Group’s Climate Action Plan, aimed at reducing the impact of our operations on the environment, while its Reconciliation Action Plan (RAP) Reflect was also completed.
Summary of FY25 results
- Net profit after tax of $28.2 million, up 17%
- Net interest income increased to $191.6 million, up 11.5%
- Total loans under management increased to $7.9 billion, up 7%
- Member deposit balances increased to $7.1 billion, up 11%
- Total assets increased to $9.4 billion, up 5.2%
- Total members’ funds increased to $614.3 million, up 4.3%
- Capital Adequacy ended the year at 14.8%, stable year-on-year
Download P&N Group’s concise 2025 Annual Report - PDF, 8mb
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