People’s Choice’s portfolio of broker-originated home loans has passed the $1 billion mark for the first time.
This milestone was announced today by People’s Choice Chairman, Michael Cameron, at the organisation’s Annual General Meeting, which was held online for the second year.
Mr Cameron told members that the total value of the organisation’s member loans and advances had surpassed $8 billion during the 2020/21 financial year.
“A key contributor was the decision to expand our presence in Victoria, by offering loans through the independent broker network,” Mr Cameron said. “This strategy has been successful, similar to our previous experience in the Northern Territory, delivering better-than-expected results almost immediately, and increasing our broker portfolio to $1 billion.”
Among other highlights discussed at the meeting:
• 14,600 new members lifted total membership to more than 390,000.
• Member retail deposits increased 5.2% to $7.0 billion.
• Global business magazine, Forbes, again listed People’s Choice among the World’s Best Banks.
• People’s Choice contributed 5.1% of its pre-tax profit to corporate community investment in 2020/21, eight times the average contribution made by major Australian companies (source: Giving Large).
Regarding the potential merger between People’s Choice and Heritage Bank, members heard that the due diligence process was progressing well, with Mr Cameron restating two critical points:
“Firstly, we are only considering a merger because we believe members will benefit significantly,” he said.
“Second, both People’s Choice and Heritage are absolutely committed to maintaining the proposed merged organisation as a mutual.”
The Chairman also welcomed the appointment of Director, Georgina Williams.
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About People’s Choice
People’s Choice is Australia’s largest credit union with 390,000 members, almost 900 employees, $9.9 billion in total assets, and 34 branches and advice centres.
People’s Choice serves members across Australia through its national digital presence, branches and advice centres in South Australia, Victoria, Northern Territory and Western Australia and broker network in Victoria and the Northern Territory.