Defence Bank reports loan growth three times system growth

  • By AB+F Editorial

Defence bank has maintained its $10 million annual profit, despite a tough year as the bank reports a solid increase in mortgage lending.

On Wednesday, Defence Bank reported an annual profit of $10.06 million, up slightly from the previous year of $10.04 million.

Home loan growth grew three times above system.

Defence Bank CEO David Marshall said the result was due to a people-first and “technology enabled approach”.

“The economic conditions will remain uncertain but Defence Bank will continue to refine its product and service delivery and add value for members in the coming 12 months,” Marshall said.

“We have a focus on removing any hassle so we can deliver effortless banking for members.

“We’ve done this through a revitalised digital presence, including a new website and the option to bank with us in multiple ways wherever you are and whatever you need.”

The bank’s NPS score now stands at plus 52 and the bank recently announced the launch of a charity-linked credit card.

“When COVID-19 hit, for us the reaction was simple. We were determined to not be victims to the impacts of the COVID environment by stepping the pace of our investment in products and service for our members to record levels,” Marshall added.