Key Group highlights
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Customer numbers increased 3.5% to nearly 200,000.
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Net profit after tax increased to $13.6 million.
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The loan portfolio grew 4.2% to $7.6 billion.
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Diversification of funding continued with deposit growth of 5.3% to $7.4 billion.
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Capital and liquidity levels remain stable; both ending the first half at 14.8%.
P&N Group (Police & Nurses Limited) recorded solid financial results for the six-month period to 31 December 2024, delivering a net profit after tax of $13.6 million in a challenging environment.
Leveraging our two customer-owned banking brands, P&N Bank (WA) and BCU Bank (NSW and Qld), Group loans grew above system at 4.2% to $7.6 billion, and Group deposits grew 5.3% to $7.4 billion.
Managing Director and CEO, Andrew Hadley said the half-yearly results placed the organisation in a solid position.
“The results reflect our focus on sustainable growth in retail and business banking, supported by broker and leveraging our recent transformation and technology investments.”
“Enhancing customer experience and adapting to the increasingly sophisticated scams environment remains key.”
“The first half results place us well to deliver on our full year ambitions, as we navigate uncertainties in respect to the economy and geo-political landscape.”
Download summary of P&N Group’s half year results to 31 December 2024 - PDF (121 kB)