Total assets grew by 14.1% to $9.7 billion, while loan and deposit growth remained strong at 17% and 12% respectively in the 12 months to 30 June 2022. Profit for the period was $34.4 million, a slight decrease from $40.7m the previous year reflecting increased investment in major technology projects, recruitment, and employee experience and wellbeing initiatives. The profit result was largely driven by strong revenue and balance sheet growth, and prudent financial management.
According to Managing Director Damien Walsh, the results reflect the bank’s resilience while continuing to support customers and employees through uncertainties of the Covid-19 pandemic and rising interest rates.
“Our financial performance over the past 12 months has been strong and we are pleased to have achieved above system rates of growth across lending and deposits.”
“We were pleased with how the year progressed. It has been a year of continued success for Bank Australia and one that lays a strong platform for the future.”
“Following two years of record low interest rates, we saw interest rates begin to rise in Australia and in other major economies towards the end of the financial year.”
“As we shift to an environment of increasing rates, we’re committed to having support options available for any customers that experience difficulty as rates continue to increase.”
“We’ve continued to invest in digital channels to improve customer service, while progressing important building works across many of our sites – including the relocation of our Bank Australia head office.”
“Importantly we continue to balance the need to invest in improving customer and employee experience, while continuing to build capital to support growth that creates even greater positive impact on behalf of our customers.”
“This year we continued to expand our retail impact lending activity as we expanded our clean energy home loan offering to support customers build higher energy efficiency homes. We also grew our support of affordable housing programs, helping more people enter home ownership through the Victorian Homebuyers Fund and the national First Home Guarantee scheme.”
“We hit another milestone with our impact finance portfolio reaching $1.4 billion in assets that creates positive impact for people and the planet, up from $1.1 billion in 2021. This represents 14.4% of the Bank Australia’s total assets and brings us closer to our 2025 goal of 20%.”
“We were also proud to launch our climate action strategy, headlined by our commitment to achieve net zero emissions by 2035 making us the most ambitious bank in this area.”
“Looking ahead to FY23 we are committed to significant investments to improve technology that supports our customer and employee experience.
“In these changing economic conditions, we will continue to support and assist customers in a variety of ways.”
Summary of Bank Australia’s 2021-22 financial performance: