Login or request a free trial

P&N reports successful transition to mutual bank status

P&N Bank has not skipped a beat since changing its name from Police & Nurses Credit union in March, according to its acting chief executive, Dave Spearman.  Yesterday, P&N issued a media release reporting a net profit of A$12.1 million for the year to June - up nine per cent on the previous corresponding period.Deposits increased by 10 per cent to $2 billion. Spearman said: "Members appear to have endorsed our new positioning, with membership up by four per cent."P&N Bank has 17 branches in Western Australia and claims to be the largest locally owned bank in the state.The lending side of the business was soft, with assets increasing by one per cent to $2.85 billion."Low credit demand provided the opportunity to improve asset quality," Spearman said.The bank's capital ratio increased by 1.5 percentage points to 16.4 per cent.

I'm a returning subscriber

Password reset
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day