2016 saw Australia’s credit unions, building societies and mutual banks (‘the mutuals’) perform strongly in an environment of low economic growth, interest rates and inflation.
KPMG’s Mutuals Industry Review 2016 finds that the mutuals’ balance sheets were strengthened with asset growth of 7.8 percent, compared with 5 percent for the overall banking industry. Profitability metrics were up, with $626 million profit before tax reported for the year, an increase of 2.7 percent on 2015.
The report examines the performance and the role of the mutuals in Australia’s financial services sector for the financial year ended 30 June 2016. The mutuals sector covers Australia’s building societies, credit unions and mutual banks. The survey considers the financial performance for the year ended 30 June 2016, as well as responses to a qualitative questionnaire covering the risks, challenges and opportunities facing the industry.
Below are videos providing perspectives on the 2016 results and insight into industry issues and transformation affecting the sector.
Watch a recording of the webinar.
View a copy of the slide presentation from the webinar (PDF 4.1MB).