CUA members profit with the company

Credit Union Australia (CUA) has recorded a net profit of more than $48 million over the 2006/07 financial year, with assets under management increasing to $6.6 billion. The 25 per cent increase in profitability placed CUA in a better position to deliver benefits worth $7 million to its members, through revised interest rates and fee structures. CUA Managing Director Graham Olrich was adamant that CUA's member base would grow over the next financial year despite recent difficulties in changing financial market conditions, stating “I do not believe the market cycle is going to affect credit unions too greatly. In fact I think this gives us a chance to snatch some market share back”. He further went on to proudly say that given the revised member fee structure “80 per cent of members operated their accounts fee free”. CUA's base of approximately 400,000 members extend across 74 branches throughout Queensland, New South Wales, Victoria, Western Australia and the ACT.

Advertisement