Yesterday at Summerland Credit Union’s 2021 Annual General Meeting, shareholders heard how Summerland remains well-placed for a bigger, better and stronger future with record growth and a new generation of customers despite the challenges faced this year by the COVID-19 pandemic.
Chair, Katrina Luckie, said the commitment to supporting our customers through what has been a very difficult period for all Australians must be commended. She also acknowledged her Board colleagues Nick Harrison and Paul Spotswood, who stepped down to retire this year.
“Today we farewell Nick Harrison and Paul Spotswood from the Board and we would like to thank them for their support, commitment and contribution to their many years of service.
“Nick has brought significant legal and governance skills to the Board over the past 20 years of service, drawing on his extensive experience as a Barrister at law, Company Director and Director of the Customer Owned Banking Association until November 2020. Nick was instrumental in the acquisition merger with First Pacific Credit Union and guided the credit union successfully through the global financial crisis.
“Paul brought a great mix of marketing and advertising skills to the team drawing on his extensive knowledge in assisting businesses to use social media and digital marketing channels.”
CEO, John Williams, said despite the challenges faced this year, the credit union had delivered on its financial growth and performance.
“Our net profit after tax was a record breaking $4.9 million and our total assets grew to $933 million. This has enabled us to provide some of the lowest home loan rates in our history.
“Record growth and a new generation of customers this year emphasises the value and service Summerland provides. This was reflected in strong deposit growth of $65 million and loan growth of $73 million throughout the year.”
The strong foundations in place will help continue to build a positive future to bigger and better times ahead.