Strong CUA profit supports increased community investment

15 September 2016

Australia’s largest member-owned financial services provider CUA is aiming to materially lift its investment in communities over the next few years to up to 3 per cent of Net Profit before Tax and Community (NPBTC), after delivering a strong full-year financial result.

CUA, a BCCM member, posted an annual consolidated Net Profit after Tax (NPAT) of $51.66 million, up 5.8 per cent on last year’s result. The result was driven by member growth across the banking and health insurance businesses, as well as strong growth in net interest income.

CUA Chief Executive Officer Rob Goudswaard said the strong performance allows CUA to continue its focus on growing the mutual organisation, enhancing the member experience and connecting with more members in their communities.

“This result provides a strong platform to continue investing in communities, digital and member-facing initiatives to ensure CUA remains relevant to members’ changing needs, particularly during key life changes,” Mr Goudswaard said.

“As a mutual, our members can be confident that all CUA investments are aimed at providing a better member experience and building stronger communities. That approach underpins our new Mutual Good community strategy, with increased funding to be directed to both new and existing CUA community initiatives.”

Under the Mutual Good strategy approved by the Board, CUA has started working towards increasing community investment to up to 3 per cent of NPBTC.

Get a complete view of CUA’s full-year financial result.

Image source: Kat Grigg