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Police Credit Union records strong growth and near-perfect Member satisfaction ratings

Announcement posted by Leverage PR 05 Nov 2019

Police Credit Union has showcased its ability to defy a year of challenging market conditions by achieving a near-record 93.1% Member Satisfaction score, an 8.54% increase in profit after tax of $4.852 million, and a 9.10% increase in total assets to $1.135 billion for the period to 30 June 2019.

In releasing its FY18/19 annual report, Police Credit Union CEO, Mr Costa Anastasiou, said: “Despite this period bringing with it moderate to lacklustre market conditions as a result of intense competition, low interest rates, low consumption and domestic GDP growth, it has been rewarding to see the Police Credit Union brand perform so well and continue to display strength in credibility, trust and reliability.”

“Underpinning these positive results is our unwavering commitment to delivering superior service, honesty, integrity and financial prudence. For the 10th consecutive year our members once again provided their tick of approval to that values-based approach by scoring us a near-record Member Satisfaction Rating of 93.10% for the reporting period,” he said.

“Police Credit Union reinvested a record $556,000 back into the community, achieving a cumulative total contribution since 2006 of more than $4.5 million to support a number of very worthy causes and initiatives. We continue to proudly boast our market-leading status of being carbon neutral and are now well-advanced in developing initiatives that will offset the carbon footprint associated with products such as car and home loans into the future.”

Mr Anastasiou said the year saw work advance on several key initiatives, including a soon-to-be-launched financial health check portal that allows Members to better understand their financial position and what they need to realise their financial goals and aspirations.

“As the most recognised credit union brand in South Australia, we are pleased to report significant and ongoing investment in enhanced physical and digital infrastructure. This commitment includes enhanced capability in the delivery of both traditional face to face branch banking and local call centres, including innovative, convenient and secure digital architecture to ensure we meet Member expectations and continued to remain relevant,” he said.

“We were also pleased to enable Members to responsibly achieve their dream of property ownership, resulting in a 12% increase in loan advances totalling $961 million. During the period, we advanced a record $318.9 million in loans to Members.”

“There is no doubt that we operate in an environment of heightened regulatory oversight and regulation, and Police Credit Union remains steadfastly committed to fostering a culture of positive and enhanced governance oversight to responsibly and prudently exercise all of our responsibilities on behalf of our Members and the broader community.”

“These outstanding results could not have been achieved without the strong work ethic and tireless commitment of our passionate, dedicated and highly-professional team who continue to offer exemplary service to our valued Members.”

Police Credit Union’s key highlights of the Financial Year 2018-19 include:

Near-record Customer Satisfaction Rating of 93.1%;

9.10% increase in total assets to $1.135 billion;

8.54% increase in profit after tax of $4.852 million, increasing Member reserves by 6.17% to $83.3 million;

6.2% increase in Member value of $271.87 per Member, or in aggregate, $10.7 million pre-tax;

Record level $556,000 reinvested back into the community;

Achieved an employee engagement score of 92.35% for the 2019 period, ranking Police Credit Union in the global best practice quartile of performance;

Managed over 27,673 insurance policies, representing gross written premiums of $11.97 million at year end;

Renovation of the Adelaide branch and relocation of the Darwin branch to brand new premises in Palmerston;

Maintained carbon-neutral status, with plans to implement initiatives to neutralise the carbon footprint associated with products such as car and home loans into the future;

Successfully upgraded core banking systems, relocated disaster recovery systems to a state-of-the-art centre, delivered Samsung Pay and upgraded the Banking App.

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About Police Credit Union

Formed in 1970, Police Credit Union is proudly South Australian based and headquartered, boasting a 93.1% Member Satisfaction score, an employee engagement score of 92.35%, total assets exceeding $1.135billion, and delivering Better Banking services to over 40,000 customers. As the most recognised credit union brand in South Australia, Police Credit Union is firmly committed to building enhanced capability in the delivery of both traditional face to face branch banking and local call centres, and innovative, convenient and secure digital architecture. Supporting better communities represents an intrinsic pillar of PCU’s corporate strategy. A strong sense of corporate social responsibility spans initiatives both large and small, including a long-standing partnership with the Police Association of South Australia, Major Sponsorship of Crime Stoppers SA and Adelaide Football League, and a 23-year commitment in bringing the Credit Union Christmas Pageant to the streets of Adelaide, representing but a few examples of the organisation’s community investment over its 50 year history. Police Credit Union has helped thousands of South Australians and Territorians achieve their financial goals and aspirations, with competitive and high value Better Banking products and services. The multi award-winning, values-driven, Member-owned organisation offers a full suite of market leading loan and investment products, 24-7 Online, Mobile and App banking, Fast Payments, Apple Pay, Google Pay, and Samsung Pay, and branches across SA and NT. 1300 131 844 I policecu.com.au

Disclaimer: Google Pay: Android, Google Pay, and the Google Logo are trademarks of Google LLC. Samsung Pay: Samsung Pay is a trademark or registered trademark of Samsung Electronics Co., Ltd.