HomeNewsStrong growth in deposits, lending continues at Auswide

Strong growth in deposits, lending continues at Auswide

Auswide Bank
Managing director of Auswide Bank Martin Barrett a the Sugarland branch.

It's been a positive six months for Auswide Bank and its customers, with the locally established organisation continuing to grow its lending and deposit balances.

The results, which reflect the market from 1 July to 31 December 2021, have recently been highlighted in Auswide Bank‘s 1H22 report.

Managing director Martin Barrett said the positive trajectory comes off the back of an incredibly strong 2020-21 financial period when the bank released news of its record-breaking growth.

“Auswide broke lots of records by growing home loan books, improving profitability, and lifting dividends in the last financial year,” he said.

“That trajectory has continued on and our net profit after tax is up by over 19 per cent, which comes off the back of our loan book and customer deposits each growing by more than 8 per cent.”

Mr Barrett said the growth was being experienced in both regional branches and across larger locations, with lending and deposits coming up strong during the past six months.

He said he had put the results down to multiple factors including the pandemic and the benefits being experienced from Government stimulus incentives.

“I think there has been a lot of cash saved during the pandemic and a lot of government stimulus out there for people to put some money aside,” Mr Barrett said.

“At Auswide, we generally do offer a better interest rate on deposits than what the big banks do so we have certainly seen strong support during this time.

“We have partnerships as well, including with organisations such as National Seniors which contribute to this strong growth.”

Mr Barrett said he expected the positivity to continue over the next six months.

“I think we are on a very strong trajectory, and I expect our loan growth rate will be at the same rate, if not kicking up a tad,” he said.

“Our loan books will also steadily increase in our private bank as it has grown from a zero base up to $290 million, I am expecting that number to get to $400 million by the end of the calendar year.”

Mr Barrett said not only was loan turnaround times relevant to the bank's half-yearly growth, it was also the service emphasis.

“We are proud of what we do, and we work hard to get on to customers’ needs and wants very quickly – we look after them,” he said.

“Recently, we have been getting the Auswide name out there even more by becoming a major sponsor for the Queensland Maroons.

“They released their jersey this week, so we have our logo emblazoned on that which is a proud moment.

“This will allow us to able to expand our reach and do a lot more business nationally at a time when we are seeing great results, which makes for happy customers and happy shareholders overall.”

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