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email: info(at)mcusb(dot)com(dot)au
Media Release
Maleny Credit Union performed strongly in 2009 with 20.9% Growth in Assets
August 2009
The Maleny Credit Union (MCU) performed strongly in a challenging financial year, increasing net profit after tax by 11.2%.
As MCU is conservatively managed and operated, the credit union was not affected by the global financial crisis, as we do not engage in sub-prime lending and/or don’t rely on the volatile wholesale funding market.
The Credit Union continues to add value to its members with attractive interest rates on both deposits and loans, along with providing an array of products & services to assist members with their financial needs, supported by only charging fairer fees & charges, and reinvesting funds in our local community. During this financial year the Australian Government guaranteed all deposits with credit unions, building societies and banks. This means all Australian deposits have the full backing of the Government.
MCU CEO, Greg Stevens is delighted to report some of the credit union’s key financial highlights for this financial year:
- Net profit after tax increased by 11.2%
- Membership increased by 6.3%
- Total Assets increased by 20.9%
- The MCU Charitable Trust gave back to the local community $22,846 in the form of community grants
- 49% of the credit union’s loans funded this year were for environmentally friendly purposes
The new financial year will see a building renovation and computer conversion to a new state of the art core banking system, from Rubik Financial Ltd, which will allow the Credit Union to provide even more efficient banking services as well as new services being rolled out including SMS and Mobile Banking.
This year represents MCU’s 25th year of operations, and we will celebrate our silver jubilee anniversary. On the
10th September 2009 to mark MCU’s 25th anniversary, the credit union will be holding an open day for residents, local business owner/s & their employees plus our valued members to meet our staff and directors to discuss the credit union’s ongoing success as well as their banking needs. Also MCU will be displaying its upcoming building renovation plans.
About MCU
