Credit Union Australia in record result
Credit Union Australia has reported a record result for the 2002-2003 financial year. CUA posted a net profit after tax of $14.5 million, up 7.5 per cent on the previous year.
CUA's loan book grew 31 per cent to $1.76 billion during the period, with member fund reserves reaching $135.6 million. CUA is the first credit union to attain $2 billion of assets under management.
Over the 2002-2003 year, CUA bought 9 per cent of mortgage broker firm Mortgage Choice.
Managing director Graham Olrich said CUA is confident of reaching a profit target of $17.3 million in 2003-2004. The credit union, based in Brisbane, also has branches in Sydney and Melbourne. Mr Olrich said these interstate branches would be the focus for a roll-out of the CUA format over the coming financial year.