Record year for South West Credit

South West Credit CEO David Brown.
South West Credit CEO David Brown.

THE 2016-17 financial year has proven to be a record-breaking one for Warrnambool’s South West Credit.

For the first time since its inception in 1964, deposits at the financial institution have topped $100 million.   

A surge of $16.6 million during 2016-17 lifted the total deposits to $110.3 million.

South West Credit CEO David Brown said passing $100 million was a significant milestone.

“It reflects the support of our member base and our close connection to the local community,” Mr Brown said.

While the overall profit fell from $216,390 the previous year to $188,409 this year, total assets were up nearly $17 million to $122.6 million.

The customer base passed 11,000 people and businesses while 991 new savings accounts were opened up.

South West Credit approved $36 million in loan applications, nearly $10 million more than the previous year.

South West Credit allocated more than $53,000 in grants and donations during the year.

Board chairman Gary Parsons said South West Credit continues to play a major role in the community.

“We continue to invest in products and services that match the major banks,” Mr Parsons said.

“We always reinvest our money into products for members.

“We are proud to be truly local and committed to providing innovative and relevant banking services, putting members before profit.”

Mr Parsons said the board is prepared for the ongoing challenges that lay ahead with the development of a strategic plan called Vision 2020.

“Our Vision 2020 highlights the pillars of our short and long term business model, ensuring the needs of our members are our number one priority,” Mr Parsons said.

“l am confident we have positioned ourselves positively to deliver our long term strategies.

“There is a lot to be excited about. New initiatives and opportunities will enhance our member offering and benefit existing and prospective members.”

The Capital Adequacy Ratio, the main measure of a credit union’s overall financial soundness, was 18.5 per cent, above the minimum level required by Australian Prudential Regulation Authority (APRA).