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Annual Report 2018–19

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Annual Report 2018–19 Annual Report 2018–19 Top to bottom: Row 1: BackTrack – Armidale; Libby – Cooks Hill; Healthy Youngsters, Healthy Dads – Newcastle Row 2: Sally – Bump; Skye & Emily – Dapto; Michael & Cheryn – Molong Row 3: Macey – Tamworth; Katie & Belinda – Armidale; Adam & Jon – Fern Bay Front cover: Libby – Cooks Hill Chairman and CEO’s Report 4 Our Community 8 Greater Charitable Foundation 14 Financial Statements 30 June 2019 20 Annual Report | 2018–19 Chairman and CEO’s Report Maintaining our position of financial strength, solid growth results and continued investment in the business were the highlights of what has been a successful 2019 Financial Year for Greater Bank. While the year’s financial results highlight our These changes aim to drive greater efficiency within commitment and dedication to serving the needs of the business by improving our current capabilities and our customers and the business today, it is critical that processes across our key distribution channels. It will we also have an eye to the future to ensure we stay allow us to better deliver our core business function of ahead of our competitors in terms of product and providing quality and affordable products and services service delivery and become the preferred bank in that keep pace with expectations of our current and our chosen markets. emerging markets, and that our customers have access For this reason, significant work and investment to their channel of choice where they need it with the continues to be undertaken on our business view of getting a solution in a timely manner. transformation. This will allow us to respond to the This evolution through innovation is important to meeting increasingly competitive marketplace and increasingly the needs of our younger and prospective customers. complex regulatory environment, as well as the However, we understand that this position must be evolving needs of current and prospective customers. balanced against serving and protecting our existing, Our 2019 Annual Report provides an overview of our diverse customer base. Accordingly, as we continue achievements over the past reporting year and how to introduce new capabilities to secure our future, we we have performed against our strategy of being are also committed to remaining true to who we are a customer-owned and focused financial services through any transformation process. provider and the strategic objectives that underpin it. Significant to the change process we are undertaking, and its ongoing success, has been the management Strengthen business capabilities of our people. Our Greater Performing Culture program At Greater Bank we work together to deliver to our continues to provide a platform to support our people customers and the communities we serve banking as we transform key elements of our business operation. solutions that genuinely meet their needs, now and It is enabling us to build a workplace that inspires and into the future. This is the guiding philosophy that drives empowers everyone to deliver a banking experience all staff in their everyday activities and sets a focus that is continually improving to ensure we are here for when looking at the future of the business. our customers and employees for generations to come. In the 2019 Financial Year, we have continued to invest in quality and efficient business systems, as Sustainably grow our customer base well as knowledgeable and committed people to Greater Bank today services more than 270,000 deliver outstanding customer service and superior, customers across a broad geographic base within competitively-priced products. NSW and South-East Queensland. Central to this has been the ongoing transformation While we remain committed to building our presence of our organisation. This has been a key focus of the and customer base in our existing regional markets, business for the past two years, and will remain so in the continued move towards digital and mobile the immediate future, as we meet the challenges banking, which has been driven by customer demand presented by shifts in customer expectations, the as well as our growth aspirations, has allowed us to evolving regulatory environment and digitisation, broaden our reach. Our mobile lending channels allow while also ensuring our business continues to thrive us to service customers further north into Queensland’s well into the future. Sunshine Coast and south to the ACT, while our digital 4 banking platforms allow customers to access their We know that our customers are, and will continue accounts and interact with us anywhere, anytime. to be, our greatest advocates. Providing outstanding Our product portfolio continues to be recognised by products and services is not only critical to attracting consumers and industry experts, with Greater Bank new customers, but also to ensure we are meeting, again being awarded a number of industry awards and exceeding the expectations of current customers during the year. with the aim of driving the highest levels of satisfaction, and in turn, customer retention. The 2019 Mozo Experts Choice Awards saw Greater Bank secure the top spot in the industry’s home loan Our customer growth strategy resulted in a net growth market after taking out nine categories, including the of more than 7,000 for the year ending 30 June 2019. prestigious Home Lender Bank of the Year Award. The Improve organisational efficiency Great Rate Home Loan won four categories, including Greater Bank has posted strong financial results for three for owner occupiers and one for investors, while the 2019 Financial Year, which is again reflective of the the Ultimate Home Loan Package won an additional strength, management and operational-efficiency of four categories with the same owner-occupier and the business. investor split. Our group profit result of $31.45 million, is the result of For the second consecutive year, Greater Bank took sustained customer growth, as well as our ongoing out the 2019 Home Lender of the Year as part of investment in the business that is enabling us to deliver Money magazine’s 15th annual Consumer Finance capabilities to meet current and future customer needs. Awards, which involves a Canstar review of more than 15,000 financial products and services from over 200 Interest rates are now at an all-time low following financial institutions throughout Australia. In determining movement by the Reserve Bank of Australia towards the award, Greater Bank’s portfolio of fixed and the end of the financial year to reduce the official cash variable home loan products, along with line of credit rate. While this is a key driver for interest rate changes facility, scored well all round by Money magazine. there are other factors that we need to consider, such as costs associated with funding and servicing loans, This industry recognition is testament to our mission of and also ensuring we continue to meet regulatory delivering quality products that can be tailored to suit responsibilities. It’s also important that we consider the individual customer needs to help them achieve their conflicting interests of both borrowing and depositing financial goals. customers before making any decision on rate changes. Greater Bank was also recognised as the Most It was these factors that saw us make multiple changes Recommended Customer-Owned Bank at the to our lending and deposit interest rates throughout 2019 DBM Australian Financial Awards announced the year. In addition to changes in our variable interest in February 2019. rates, we announced in May the reduction in the The award is generated from DBM Consultants’ interest rate on our Ultimate Home Loan and Great Rate Consumer Atlas survey. It gathers financial behaviour, Home Loan to 2.99% p.a. making it the lowest one-year attitudes and intentions from 62,400 Australians and is fixed rate home loan in the market at the time. based on Greater Bank claiming the top Net Promoter Score within the category. Opposite page: Wayne Russell, Chairman; Scott Morgan, CEO. Above: Greater Bank Board Members L to R: Roger Cracknell, Malcolm McDonald, Jayne Drinkwater, Russell Ware, Wayne Russell and Louise Eyres 5 Annual Report | 2018–19 Despite the challenges outlined above that we are the long-term, sound financial principal performance faced with when considering interest rate changes, of the business is maintained. This is achieved through one distinct competitive advantage we have as the ongoing rollout and communication of our values a customer-owned bank is that we don’t have training to all employees, which aims to positively shareholders. This allows us to redirect funds to directly reinforce risk-based decision-making and oversights benefit our customers, and is what positions us to offer across all areas of our operations. the most affordable one-year fixed rate home loan in Our three lines of defence model and Risk Management the market. Framework is incorporated explicitly into all policies. Our other key reporting metrics for the year ending The framework allows us to identify, analyse and manage 30 June 2019, include: the current and emerging risks within the business. Total assets of $7.2 billion, up from $6.7 billion the Through the Board committees, Chief Risk Officer and previous year. external support, we ensure oversight of the risk profile Net loan approvals topped $1.19 billion, which was and risk management, as well as independent reporting off the back of our quality product offering and lines to appropriately escalate issues. improved market conditions, particularly across Commit to Corporate Social the Hunter and Illawarra. Responsibility (CSR) Total deposit growth of 4.9%. Greater Bank is committed to contributing to the Capital Adequacy of 17.8% remains well above our sustainable development of all our stakeholders prudential requirements and that of many other by delivering economic, social and environmental authorised deposit-taking institutions in Australia. benefits. As a customer-owned bank that does not This, along with our strong asset position, is a clear have shareholders, our profits are reinvested into indicator of our financial strength and security.
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