Standard & Poor’s confirms bankmecu’s investment grade BBB+/A-2 credit rating
Ratings agency Standard and Poor’s (S&P) has affirmed bankmecu’s investment grade BBB+ credit rating.
bankmecu Managing Director, Damien Walsh said it was gratifying that the bank had maintained its credit rating despite the current challenging financial market conditions.
“The S&P announcement reinforces the underlying strength in our customer owned approach to responsible low risk lending, continued commitment to strong earnings performance and maintaining strong capital” Mr Walsh said.
The S&P report cited a number of factors, supporting a stable outlook for the bank including bankmecu’s sound management performance and strategy, very strong capital and earnings position and its very high customer retention rates.
“As a customer owned bank, we have a responsibility to provide competitive products and services and to drive strong performance so that our profits can be reinvested into further strengthening and developing the bank” Mr Walsh said.
“That’s why we continue to strive for efficiency in the way we run the bank, which continues to achieve a sector leading sub 60% cost-to-income ratio.
In June bankmecu achieved a 94% customer satisfaction rating and its customer retention stands at over 99%.
bankmecu is Australia’s first customer owned bank with assets exceeding $2.8 billion and over $300 million in capital. bankmecu has 26 Service Centres across the country, some 128,000 customers and around 348 staff.
bankmecu Managing Director, Damien Walsh is available for comment.
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