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Annual Report and Sustainability Update 2019–2020

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Annual Report and Sustainability Update 2019–2020 Annual Report and Sustainability Update 2019–2020 “Hearty thanks to our firefighting heroes and protectors for the tremendous work in controlling the fire and storms, and saving lives, flora and fauna!” DEEPIKA, NEUTRAL BAY – SHOUT OUT TO FIRIES Contents Annual Report & Sustainability Update 2019-2020 We work hard to give our members a secure financial future. At all times, and especially during challenging times, the education, emergency and health communities can depend on our exceptional member support. Overview of key financial performance 2 What we delivered in FY2020 4 Chair and CEO’s report 6 Members 8 Social responsibility 14 Community 18 Employees 22 Environment 26 Sustainability KPIs 30 Director’s report 32 Auditor’s declaration of independence 37 Financial statements and notes 38 Statement of comprehensive income 39 Statement of changes in member equity 40 Statement of financial position 41 Statement of cash flows 42 Notes to the financial statements 43 Directors’ declaration 93 Independent auditor’s report 94 TEACHERS MUTUAL BANK LIMITED Phone: 13 12 21 | Fax: (02) 9704 8205 | Email: [email protected] Address: 28-38 Powell Street Homebush NSW 2140 | PO Box 7501 Silverwater NSW 2128 ABN: 30 087 650 459 | AFSL/Australian Credit Licence: 238981 1 financial performance financial key of Overview 2 products. competitive with members providing and growth sustainable on focus a with bank, mutual secure afinancially are We 1 Financial performance Parent (Bank) – not consolidated Group. –notconsolidated (Bank) Parent 15.85% 2016 2016 $30,212,047 Capital adequacy ratio Membership Capital adequacy is a ratio which protects depositors and Membership refers to all shareholders that are eligible to 15.09% 2017 investors by indicating2017 the strength of an institution. We are join under the common bond. well above APRA’s minimum requirement of$27,877,584 8%. 15.65% 2018 2018 $31,798,362 14.81% 2019 2019 $27,064,492 15.30% 2020 2020 $25,996,290 2016 Profit after income2016 tax Loan balances Profit after income tax1 is the amount of$4 money,595,06 we4,6 94generate Loan balances are the total 177,357of money owed to us by our from operating our products and services minus the cost of members from personal loans, secured (home) loans, credit providing those products and services, including all taxes. cards and overdrafts. 2017 2017 $5,476,770,660 191,415 2018 2018 $5,992,690,337 198,440 Teachers Mutual Bank Limited Mutual Teachers 2019 2019 $6,474,612,597 205,113 2020 2020 $6,597,463,296 210,742 We achieved a consolidated aconsolidated achieved We a capital health adequacy tax, maintained and after net profit of $25.7 million million $25.7 of profit net ratio of 15.3%. assets. Limited MutualBank Teachers all of thetotal are Assets Assets assets. its uses a company efficiently how andshows assets average total its to relative is company a profitable how measures onassets Return on assets Return 0.58% $575,464,522 $548,549,088 $525,385,046 $492,226,302 0.46% 0.46% $437,098,930 0.36% 0.32% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 ability to safely grow. safely to ability our to ensure by us held profits accumulated are Reserves Reserves shares, excluding interest accrued. interest excluding shares, and investments savings, madeupof are Member deposits Member deposits 2 9 4 9 , 3 4 9 8 , 446 0 , , 8 4 451 4 , 608 6,606,925,933 , 2 6 ,12 , 4 $ $8,140,525,140 $8,041,747,538 3 4 6 6 , $ 80 , 5 ,29 $7,068,764,866 0 $ 5 $6,682,013,296 $ ,55 4 $5,542,509,266 $ 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 3 Annual Report and Sustainability Update 2019–2020 “This ability to completely focus on my final prac, undoubtedly contributed to being offered a full time job at the end of this placement.” TEACHERS MUTUAL BANK FUTURE TEACHERS SCHOLARSHIP RECIPIENT 4 Teachers Mutual Bank Limited Overview What we delivered in FY2020 Our focus is to maintain sustainable growth to ensure we provide competitive products and services, enabling our members to secure their financial futures. $1.8m 2,129 total community schools visited investment 7.1% Community $25,743 of net profit after in employee giving tax reinvested and donations into the community 7th year 85% in a row recognised as one of the increase in Certified World’s Most Ethical Companies products to $1.4 billion KWh Sustainability 97% 197,558 of products sold are Certified in electricity generated by solar PV ethical or responsible 43.5% 677 women in staff hours volunteering management roles for charities 9.3 years 82% Our People average length of employee engagement employee service rating 966 315 members assisted member engagement with a Repayment events hosted Pause during COVID-19 210,742 Members 97.8% members across member retention rates the country Annual Report and Sustainability Update 2019–2020 5 Overview Chair and CEO’s report In our 54th year of operation, we have remained financially strong and continued to build one of Australia’s largest mutual banks. During the past year, there have been significant Throughout the unprecedented market and unprecedented challenges around the globe. turbulence and low interest-rate environment The summer bushfires had a devastating effect of the past financial year, our skilled Board of on many parts of our country and we thank the Directors and Management team have focused on firefighters and first responders who often risked maintaining the strength of the Bank and meeting their lives to save others. Teachers Mutual Bank the needs of our members. Our financial position Limited and Firefighters Mutual Bank donated a total remains strong, returning a consolidated group net of $100,000 to support the bushfire relief efforts. profit of $25.7 million. We have also maintained a The COVID-19 pandemic has brought further healthy capital adequacy ratio of 15.3%. Our asset challenges and drastically changed the landscape base grew by 1.2% which is consistent with, and of how we live and work, forcing all of us to adapt indicative of, the current economic conditions. quickly. As we work through the challenges of the During the pandemic, our Board of Directors pandemic, we remain committed to supporting and Management team made the decision to and serving you, our members, as you contribute apply for JobKeeper to enable all of our loyal to your communities by working in the education, and dedicated staff to keep their jobs. The Bank emergency services and healthcare sectors. received JobKeeper payments for April 2020 until September 2020. As a mutual bank, it is essential to support our staff during this difficult time. Retaining our staff will in turn allow us to “At the end of the 2019-2020 financial continue providing service and value to members, year, we were proud to be serving over so that we can continue to support you in securing 210,000 members and maintaining your financial futures when this crisis is over. $8.14 billion in assets.” Our thanks go to our staff, who have shown STEVE JAMES, CEO OF TEACHERS resilience and commitment to providing Did you know? MUTUAL BANK LIMITED exceptional member service throughout the During the challenges of this year. During this time, over COVID-19 90% of our employees worked from home and pandemic, over We are honoured to serve teachers, university staff continued to operate to our high standards. 90% of our and graduates, firefighters, paramedics, nurses, We are pleased to have received very encouraging employees across the country midwives and their families. We acknowledge the responses from our recent staff survey, with an worked securely invaluable jobs that you all do and the services employee satisfaction rating of 82% and a health from home and you provide to our communities. We take great and wellbeing rating of 90%. Our staff members continued to pride in our purpose – to assist you to build and demonstrate their loyalty to the Bank through operate to our maintain financial wellbeing and wealth throughout long tenure; the average length of employment high standards. your lifetime. across the organisation is more than nine years. 6 Teachers Mutual Bank Limited COVID-19 has prompted our members to further Our Annual General Meeting (AGM) will be held Teachers Mutual embrace digital banking technology. Looking into as a hybrid event – a small physical meeting with Bank Limited the future, we plan to adopt a digital-first strategy, a live online webcast. This decision was made Chairperson which will include the launch of a leading-edge to protect the safety of our members during Maree O’Halloran digital bank platform. This platform will allow us COVID-19, plus it allows more members than ever and Chief to serve more members and remain competitive before to attend as they can sign in from across Executive Officer Steve James. in the digital landscape, while still continuing to the country. We look forward to this opportunity grow our membership in each of our divisions: to connect with our members and answer any Health Professionals Bank, Firefighters Mutual questions you may have. Bank, Teachers Mutual Bank and UniBank. While the future for all of us in terms of the This year we invested in a significant upgrade pandemic and the economy remains uncertain, to our online banking services. The improved we are in a strong financial position to face further functionality and intuitive design of our internet challenges. Thank you for your loyalty and for banking ensures our members experience a choosing us as your financial services provider. seamless way to bank, on any device that suits them.
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