Here are 6 key achievements published in our 2023 Impact Report:
1. Our total assets grew to over $10 billion
Our bank hit a milestone of $10 billion in assets this year, growing to a total of $10.5 billion by the end of the 2023 financial year. This is a significant moment in Bank Australia’s history, signalling a strong and sustainable future and making us the 5th largest mutual bank in the country.
2. We continued to lead on climate action, setting a 2030 science-based target
After launching our climate action strategy in 2022 with a headline commitment to reach net zero emissions by 2035, we set a 2030 science-based target this year, validated by the Science Based Targets initiative (SBTi). We’ll keep working hard to reduce emissions from our lending portfolio and operations to stay on track for achieving our climate action goals.
3. Our customers benefitted from products with impact
Impact finance assets now make up 17% of our total assets, a total of $1.8 billion. This includes our Clean Energy Home Loan (CEHL) products, which reward customers buying, building or renovating green homes. Our CEHL mortgage portfolio grew by 33% this year to a total of $197 million in home loans. We also piloted an Impact Term Deposit, which matched customer deposits with loan products like our CEHLs for 6 months.
4. We continued to grow the clean money movement
Over 16,000 new customers joined our bank this year, and the majority of these customers were from our socially aware target market. Socially aware customers now make up 51.9% of our customer base and represent 57.6% of total banking value. We’re pleased to know over two thirds of our new customers chose our bank because of our approach to responsible banking.
5. Our impact fund supported issues our customers care about
Each year we invest up to 4% of our net profit after tax in our impact fund, supporting programs, partnerships and projects focused on the issues our customers care about. This year we invested $656,530 in our conservation reserve, which spans 2,177 hectares across 4 properties in western Victoria. We also proudly supported the ‘Yes’ campaign in the lead up to the referendum on an Aboriginal and Torres Strait Islander Voice to Parliament. Additionally, our customer community grants program supported 16 organisations with funds totalling $295,282. These values-aligned organisations, purpose-driven businesses and social enterprises have a positive impact in our communities.
6. We continued creating positive experiences for our staff and customers
Throughout the year we invested in our customer experience, ensuring we deliver a high quality of service. Additionally, we invested in training and development for our employees, which will help us attract and retain great people in our workforce.