Bank of us brand­ing hits profit

Sunday Tasmanian - - NEWS - NICK CLARK

THE Launce­s­ton-based Bank of us recorded a 22 per cent in­crease in un­der­ly­ing profit be­fore tax in the 2017-18 fi­nan­cial year. But the af­ter-tax profit of $1.6 mil­lion was lower be­cause of the costs of the mar­ket­ing change from B&E to Bank of us.

Chair­man Stephen Brown said the un­der­ly­ing profit be­fore tax of $3.84 mil­lion was a re­sult of in­creased rev­enue from strong loan book growth. The loan port­fo­lio grew by $73 mil­lion or 12 per cent to $703 mil­lion. There was also ben­e­fit from a sub­stan­tial one-off profit on the sale of com­mer­cial prop­erty as­sets last year.

Bank of us CEO Paul Ran­son said 2017-18 has been a mo­men­tous year for the bank.

“In Novem­ber, we made the de­ci­sion to change from a build­ing so­ci­ety to a cus­tomerowned bank,” Mr Ran­son said. “We de­cided to be bold and brave and in­vest sig­nif­i­cantly in a com­pletely new brand.”

Bank of us is the only Tas­ma­nian cus­tomer-owned bank. It has more than 28,000 cus­tomers, eight branches around the state and more than $840 mil­lion in as­sets.

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