Mutuals growing stronger
As a member and therefore part-owner of LCU, when the Mutual industry as a whole announces profits and growth it means good things for you. That’s exactly what has just happened with APRA, the prudential regulator of financial institutions. APRA recently released a report showing the mutual banking sector (credit unions and building societies) grew by 10.7 per cent in 2010.
This strong growth is no surprise as the big banks showed again last year that it was the shareholder, not their customers, who were their main priority. The big 4’s interest rate hikes and excessive fees have forced their customers to search for safe and competitive alternatives, and that’s where we come in.
Credit unions and building societies have been providing low-cost banking services to Australians for years. The profits we make are retained and invested in our organisation to bring about better products, rates and improved customer service. These retained profits also underpin our business security and the safety of your money.
This best thing about these profits however is that as our Mutual organisation grows stronger this has a positive impact on the local community which we are proud to be a part of.
