Credit Union Australia has been rolling out new products at the rate of about one a month since it bedded down its new core banking system earlier this year. The new products include a new savings account with a bonus interest feature, a youth savings account and a new mortgage.It has a new transaction account in the works and has added some new functionality, including e-statements and a smartphone contactless payment application using Cuscal's redi2PAY technology.CUA chief executive Chris Whitehead said the new system enabled product development and service enhancements because of its flexibility."One of the big changes is that digital and mobile are part of the core system," Whitehead said."Having that integration really speeds things up."Yesterday, CUA reported a net profit of A$49.6 million for the year to June - down 13.7 per cent on the previous corresponding period. The 2012/13 result included a $6.1 million non-recurring release from cash flow hedge swaps.Another factor in the lower 2013/14 result was that CUA commenced depreciation of its core system investment."Benefits are now flowing from this investment and will grow further in the coming years," Whitehead said.The mutual's loan portfolio grew by 4.9 per cent to $9 billion.  New loan settlements increased by 16.7 per cent to $2.2 billion.Total assets grew 3.65 per cent to $10.3 billion.Retail deposits were up by 3.5 per cent to $6.8 billion.CUA's capital adequacy ratio rose from 14.9 per cent to 15.3 per cent.