Strong asset growth was not matched by profit growth at People's Choice Credit Union over the year to June 2015.Net profit increased by A$160,000 to $25.76 million even as loan balances increased 14 per cent to $6.6 billion and retail deposits grew by 13 per cent to $4.5 billion.Providing an outline of its full year in a media release only, People's Choice did not spell out the margin, but it is clear this is under pressure.Peter Evers, managing director, said in an interview: "It's been a pretty intense competitive market; the majors are leveraging their power… [while] RBA cash rate changes in the later part of the year put pressure on that."Evers also cited the "artificially high" Centrelink deeming rate as an irritant. "You'd expect the government to recalibrate that," he said.A vibrant supply of cheap finance from vehicle manufactures to support car sales has also eroded demand for higher margin personal loans, though Evers said People's Choice moderated this trend compared with many other lenders.Investments in digital capability and a new head office in Adelaide are also adding to costs.Evers said the January 2015 acquisition of TIO's banking operations in the Northern Territory "delivered the value we expected" with operations integrated by June.