People First Bank has reported another year of strong results for the year ending 30 June 2025, achieving solid growth across lending, deposits and customers while advancing major technology and community initiatives.
Financial highlights for 2024-25 include:
- Net profit after tax of $44.1 million, up 7% from $41.4 million.
- Total loans and advances of $21.1 billion, up 4% from $20.3 billion.
- Retail deposits of $20.1 billion, up 6% from $19.0 billion.
- Total assets of $25.3 billion, up 3% from $24.5 billion.
- Total capital ratio grew to 17.5%, up from 15.5%in the 12 months to June 2025.
CEO Steve Laidlaw said the results highlight both strong performance and future direction.
“These results show that we are delivering for customers while building for the future. By combining a clear purpose with technology investment, People First Bank is well placed to grow as a strong and sustainable customer-focused bank.”
Digital at the heart of better banking
The bank advanced major technology programs during the year, with final piloting of its new mobile and internet banking platforms underway ahead of launch next year, alongside a redesigned website. Upgrades to lending systems are also making it simpler and faster for customers to buy a home.
Partnering with globally recognised providers including Backbase, Salesforce, Simpology and Fiserv, the bank is building a best-of-breed suite of cloud-based platforms that will deliver outstanding digital experiences and security, while enabling the use of innovations such as AI.
“We are investing in platforms that will give customers a simple, secure, world-class banking experience,” Mr Laidlaw said. “These investments also make us more adaptable to a rapidly changing market.”
Thirty-four branches were refreshed with the People First Bank brand during the year, with only three People’s Choice sites still to be updated before the rebrand of Heritage branches begins in 2026. Smart ATMs were also introduced across the network.
Product enhancements included more flexible home loan features, expanded green car loan options and People First Bank’s first general insurance offering.
Customer advocacy remained a strength, with People First Bank welcoming 45,000 new customers and recording a Net Promoter Score of +31 over the past six months – almost three times the industry average.
Keeping customers safe
People First Bank strengthened its defences against scams and fraud through a new Anti-Scam Strategy, supported by specialist staff and new technology. Its Scams Hotline helped prevent 480 scams and protected almost $13 million of customer funds, while its Security Operations Centre continued 24/7 cyber monitoring.
Support for customers experiencing vulnerability also grew, with capped fees, a safety net for government benefit recipients and new protections for those at risk of financial abuse.
Backing communities and sustainability
People First Bank contributed $8.8 million in community support nationwide through its Foundation, Community Lottery, local partnerships, and community branches.
The bank launched its Innovate Reconciliation Action Plan and almost doubled employee volunteering through its Good Squad program.
Progress also continued on the new Toowoomba head office, with demolition completed at the Ruthven Street site.
The bank remained carbon neutral for the fourth year, sourced more than half of its energy from renewables, and had its emissions targets validated by the Science Based Targets initiative. People First Bank also achieved B Corp re-certification, extending this globally recognised accreditation for a further three years.
Looking to the future
Mr Laidlaw said the year carried historic significance as People First Bank marked its 150th anniversary.
“This year we made strong progress. While we celebrated our history, our focus is firmly on the future – building the very best digital banking capabilities, and supporting our customers, communities, employees, and the environment.
“These are the foundations that will ensure our success as a modern, purpose-driven bank that Australians can rely on for generations to come.”