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APRA figures show customer owned momentum

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COBA today welcomed the latest quarterly statistics from APRA which show strong growth for the customer owned banking sector and are cause for optimism for the second half of 2018.

The APRA quarterly statistics show:

  • Housing loan growth of 5.5% over the past year.
  • Deposits growth of 5.9% over the same period.
  • Total customer owned banking sector assets have now reached almost $112 billion, an increase of $6 billion over the past year.

Housing loan growth for customer owned banks has been better than big 4 banks (5.1%) and above system (5.4%). 

Deposit growth is more than double that achieved by major banks (2.7%) and above system (3.1%). 

COBA highlighted the strong results achieved today by mutual banks, credit unions and building societies offering a strong alternative across Australia.

These results are further evidence that the Banking Royal Commission has made Australians more receptive to banking alternatives and switching their banking.

COBA recently launched the Own Your Banking campaign following increased interest and demand from customers for such an alternative. 

The campaign is a direct response to COBA members, who already collectively have 4 million customers, reporting an increase in customer interest and enquiries.

This was backed up by an Essential Media poll, commissioned by COBA, which found 1 in 3 people are more likely to consider switching their banking institution.

For more on the campaign visit ownyourbanking.com.au and join the conversation on social media, use the hashtag #OwnYourBanking.

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For more information please contact:

Daniel McDougall, Senior Manager – Media and Communication

02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies.  See www.customerownedbanking.asn.au

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Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
Email Mickcontact-arrow

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