Member owned bank goes above and beyond

15 October 2013

Beyond Bank Australia posted a $23.2 million after-tax profit in the last financial year, as well as saving its customers $1.8 million in annual savings through a review of fees and charges.

The acquisitive former credit union that was known as Community CPS Australia rebranded and became a 100 per cent customer-owned bank on 1 August.

In FY13 it recorded an after-tax profit of $23.2 million, down slightly from underlying profit of around $25 million in FY12. “That was largely because of the slower economic conditions but we have also invested quite a bit in our business,” said Beyond Bank’s deputy chief executive officer Wayne Matters.

Source: Australian Banking & Finance