ECU (Electricity Credit Union) Australia reported a 43.7% increase in operating profit after tax to $1.6 million for the financial year ending 30 June 2008.

ECU Chief Executive Officer, Mr. Clive Skarott said the impressive set of results reflect our most successful year ever and further secures the foundations for our future success.

ECU Australia’s total assets grew to $224.1 million an increase of 20.0% with total revenue increasing by 25.9% to $17.8 million.

Strong support from our Members combined with an innovative marketing campaign saw deposits grow to $185.8 million an increase of 14.3%.

Gross loans and advances to Members increased by $32 million to $188.9 million.  The result is extremely pleasing in light of the market volatility impacting world banking markets and the intense levels of competition.  The quality of our loan portfolio further improved during the year with provisions for doubtful debts reducing to 0.02% of gross loans and advances, a significant achievement given the operating environment and a testament to our proven lending and business practices.

ECU Australia prides itself on providing its Members with a high level of personal and friendly service.

Significant achievements over the reporting period included the opening of a new branch in Mission Beach, upgrades of our Internet banking system and the introduction of new fixed term home loan options.

“Growth and profit above budgeted levels is, of course, good news for all concerned. It is particularly pleasing for Members, as it ensures we continue to be able to reinvest strongly in new services and new branches; and be able to offer excellent value, competitive loans and better returns on deposits” concluded Clive.