Credit unions winning more market share
According to the Australian Prudential Regulation Authority’s latest quarterly banking statistics, released yesterday, the nation’s mutual banking sector managed to grow its home loan balances by 10.2 per cent last year – slightly higher than the major banks’ 8.3 per cent effort.
In addition, the mutuals and credit unions managed to achieve 8.2 per cent annual growth in household deposits, compared to 6.5 per cent for the majors.
“Importantly, these figures reflect real underlying growth because we have removed the impact of reporting changes which show even higher growth rates,” Abacus head of public affairs Mark Degotardi said.
“This is good news for consumers, showing that Australian banking’s ‘fifth pillar’ – credit unions and building societies – are actively providing much-needed competition to the major banks.”
Source: The Advisor