Bank of us branding hits profit
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.