Official release of B&E Personal Banking’s 2014/15 Annual Results
Leading Tasmanian customer owned banking institution, B&E Personal Banking, has started the 2015/16 financial year in a solid financial position and with strong momentum in the Tasmanian owner occupied housing and residential investment markets.
In announcing the 2014/15 results at today’s Annual General Meeting, Chairman Stephen Brown, said the company was well positioned for growth, returning a healthy after-tax profit of $3.6M and in a strong capital and liquidity position to meet increased demand for its products in the Tasmanian housing market.
“This is a pleasing result after a relatively tough trading year with revenue being impacted by passing on rate cuts to borrowers and the competitive pricing within the home loan market to attract and retain business,” Mr Brown said.
“We saw very strong competition for housing lending as lenders looked to achieve credit growth. Despite these challenges, we maintained a good market share of total owner occupied housing finance and increased our overall loan book to $546M and total assets to $705M”, Mr Brown said.
“Our capital and funding position continues to be robust with a high level of capital and liquidity to support future growth. Deposits increased to finish the year end at $635M and capital now exceeds $60M,” Mr Brown said.
B&E Chief Executive Officer Paul Ranson said that the key strategic focus for B&E is to enhance its’ position as the banking institution of choice in the Tasmanian market
“A significant amount of work was undertaken in the financial year to reshape our business to support acquisition and enhance our client relationships. While this reshaping adversely impacted lending activity in the first half of the financial year we experienced a strong rebound in activity in the second half of the year as the changes were bedded down. We expect this rebound will continue this year and result in increased growth in 2015/16,” Mr Ranson said.
“Other significant achievements for the year include the launch of our next generation Smart Phone app, implementation of contactless technology for Visa Cards and the installation of Treasury Management software,” Mr Ranson said.
For more details on our 2014/2015 results