QPCU Profits Members

At the recent Annual General Meeting, CEO Grant Devine outlined the initiatives that will continue to build the financial strength and capital ratios of QPCU, to a level which is nearly double the regulatory minimum.  Profitability continues to be strong, building upon the solid capital reserves QPCU already holds. 

In addition to this financial strength, Mr Devine outlined the concept of member "dividends" for credit union customers.  Dividends are derived from QPCU’s ongoing focus to reinvest profits for the benefit of its members. This means members can often access lower fees, lower rates on loans and higher rates on savings.   

QPCU estimates the member dividend [1] was worth almost $2.5M to members over the past 12 months.  This number was calculated using financial and market rate data for the 2011/12 financial year.  Subject to a few reasonable assumptions [2], if members held comparable loan and deposit products with the Big 4 banks they would have received $1.3M less in deposit interest and paid almost $1.2M more in interest on loans. 

These calculations demonstrate the benefits of membership that are not always obvious to prospective and current members.

In addition to these savings, QPCU has lower fees on many of its products and services and also provided over $200,000 in support to the community during the 2011/12 financial year.  

Mr Devine indicated that he believed these numbers and deeds provide the evidence of what QPCU is about - putting members and our community first.  Or a form of QPCU's member dividend to you!

[1] Dividends are not paid to members. The dividend stated reflects benefits to members from lower interest rates on QPCU loan products and higher interest rates on QPCU deposit products compared to average rates on equivalent products at the four major banks.