14 December 2013
Mutuals may not deliver the huge profits that the major banks do but they share their earnings well beyond their customer-owners.
KPMG’s annual study of Australian building societies, credit unions and mutual banks revealed that mutuals contributed over $12.9 million in donations and sponsorships to local and national charities in the year that ended 30 June 2013 (FY13).
“Their commitment to the community remains a fundamental component of their value proposition,” said Peter Russell, a partner and national head of mutuals at KPMG.
According to KPMG’s survey, 61 per cent of mutuals believe that community involvement is a key differentiator and 20 per cent consider it is why they exist.
The donations and sponsorships represented 1.96 per cent of their FY13 operating profit before tax.
Source, The season for giving!, Australian Banking & Finance, 13 Dec
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