This year bankmecu’s total revenue increased to $90.025m ($76.847m in 2009/10), total expenditure to $52.126m ($51.128m in 2009/10) and profit before tax to $37.899m ($25.719m in 2009/10).
bankmecu’s cost to income ratio improved from 66.13% to 56.69%. The favourable result was achieved through cost rationalisation arising from the synergies of mergers with RegionalOne Credit Union and Maroondah Credit Union during the 2009/10 financial year combined with an increase in non interest income mainly in the form of special dividends.
Asset growth of 7.85% (31.68% in 2009/10) reflected more usual but tightening business conditions following merger activity which contributed to significant growth in previous years. bankmecu’s net interest margin grew by $8.1m during the year, reflecting strong growth in assets. Capital Reserves increased by 10.77% compared to 2009/10.
2010/11 saw a continuing exceptionally low delinquency result when compared to all industry benchmarks, despite an increase over the 2009/10 result.