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Stronger Together STRONGER TOGETHER TOGETHER STRONGER ANNUAL 20 REPORT 20 Supporting you when it matters Supporting you ANNUAL REPORT REPORT ANNUAL STRONGER | 2020 133 282 cua.com.au iM CUA @CUA @CUA_Connect Credit Union Australia TOGETHER Credit Union Australia Limited. ABN 44 087 650 959. AFSL & Australian credit licence 238317 (CUA) Registered Office: 145 Ann Street, Brisbane QLD 4000. Supporting you when it matters Table of contents Annual highlights 2 A message from our CEO & Chairman 4 Directors’ report and financial statements 7 Directors’ report 11 Auditor’s independence declaration 21 Financial statements 22 Income statements 23 Statements of comprehensive income 24 Balance sheets 25 Statements of changes in members’ funds 26 Statements of cash flows 27 Notes to the financial statements 28 Directors’ declaration 102 Independent auditor’s report 103 Pg | 1 Annual highlights Members (Banking + Health) Consolidated Assets Deposits New Lending FY20 | $16.15b (+2.5%) FY20 | $11.08b (+4.7%) FY20 | $2.83b (-21.6%) FY18 | 515,577 FY19 | 549,406 (+6.6%) FY19 | $15.76b (+10.1%) FY19 | $10.58b (+14.8%) FY19 | $3.61b (+7.8%) FY18 | $14.32b FY18 | $9.22b FY18 | $3.35b CUA Health Net Profit After Tax (NPAT) Benefits Paid for Members $9m $125m $8m $124m $7m $123m $6m $122m FY20 | 568,665 (+3.5%) $5m $121m $4m $120m $6.13m $7.88m $126m $123.26m $120.64m $8.99m (+2.2%) (+2.2%) $3m (-22.2%) (-12.3%) $119m Net Profit After Tax (NPAT) FY20 FY19 FY18 FY20 FY19 FY18 FY18 | $54.79m Community Leave Days FY19 | $37.77m (-31.1%) FY20 FY19 FY18 446* 1205 1055 (-63%) (+ 14.2%) *Community leave days were reduced as a direct result of COVID-19 restrictions, which meant FY20 | $37.31m (-1.2%) suspending all on-site volunteering. Pg | 2 Pg | 3 wholesale funding strategy aimed at mitigating market life’s high points as well as its challenges. We’re volatility, we ended FY20 in a good position to manage proud to have helped hundreds of members achieve A message from the pressures we expect will continue across the the dream of home ownership, with $244 million industry beyond this year. in loans approved or in progress via the Australian our CEO & Chairman Government’s First Home Loan Deposit Scheme CUA Health made a significant contribution to the at 30 June 2020. The year just gone has been one of significant economic, health, environmental and group result, recording $6.13 million in NPAT. We issued social challenges, which have impacted many of our members as well as CUA. Despite 6,500 new health policies during the year and saw We have also supported our members and these challenges we’ve stayed focussed on our strategy of supporting and improving particularly strong growth in those joining via digital communities through unprecedented challenges channels. We paid $126 million in benefits, up 2.2 per during the bushfire crisis over summer and the services to our members. We continue to invest in technology and have delivered cent from the prior year. More than $3.6 million was subsequent COVID-19 pandemic. Since March, we targeted financial assistance to help those impacted by the unprecedented summer returned in savings to policy holders through the 4 per have approved more than 4,300 member applications bushfires and COVID-19 pandemic. cent discount for those with both CUA banking and for financial assistance with repayments paused on health insurance. A further $350,000 in discounts were nearly $1 billion in lending. awarded to policy holders under the age of 30. As we look ahead to our 75th year, we continue our focus on growing in relevance and value to our Investing in better customer experiences members, while introducing new generations to One of the most important measures of our success customer-owned banking. It is a banking alternative is customer satisfaction and we’re heartened this grounded in purpose, embraced by members and increased in FY20. Our overall Net Promoter Score – a relevant now, more than ever, as Australians seek trust measure of how likely our members are to recommend and empathy from their financial institutions. us to their family and friends – significantly increased. In particular, satisfaction levels improved for Our history has shown us that when we and our credit cards, mobile banking and our CUA Direct members face challenges together, we grow stronger. contact centre. We are confident we will emerge from this period of sustained crisis even more connected to our This reflects our commitment to delivering the shared purpose. things our members value: faster and simpler digital experiences, enhanced cybersecurity, competitive We are proud and privileged to present this report on a products and easy ways to connect with us. All of year that has been unlike any other in our history. these have been a key focus for us in FY20. We also began the transformation of our home lending system Our sustainable performance in a which will ultimately deliver faster decision making and challenging year a smoother home buyer journey. A solid and sustainable financial performance means we can deliver more value to members today and into We have continued to evolve our product offering the future. Over the past 12 months we’ve grown our to meet the needs of existing and new members. assets, strengthened our capital position and welcomed The launch of our Everyday Snap account – with more than 19,000 new customers, reflecting the no monthly fees and a seamless account opening underlying strength of our business. experience – has introduced CUA to new generations, with millennials making up half of all account holders. We finished the year with growth across consolidated Meanwhile, the Youth eSaver Account continues to assets (up 2.5 per cent to $16.15 billion), retail deposits be consistently rated one of the best in market with (up 4.7 per cent to $11.08 billion), loans under its competitive interest rate. management (up 1.0 per cent to $13.58 billion) and we further enhanced our already strong capital adequacy Our commitment to our members has been ratio to 14.38 per cent (up 0.08 per cent). Overall, independently recognised. For the third year despite the economic challenges we faced, CUA Group running we won MOZO’s Best Large Credit Union posted a Net Profit After Tax (NPAT) of $37.31 million, award, while Forbes ranked us among the top down just 1.2 per cent on 2019. 10 Australian banks. Further, a Judge’s Award from global technology organisation ConfirmIT These outcomes reflect our strategic focus on growing highlights our commitment to understanding and transactional banking, through which we’ve boosted acting upon customer feedback. retail deposits and attracted more young customers to join CUA. We’ve also focused on sustainable increases Supporting our members in our assets – pursuing more moderate home loan through highs and lows balance growth relative to the wider financial system. This has been a year of extremes and we have Combined with careful cost management and a continued to stand with our members through Pg | 4 Pg | 5 Our Financial Assistance Packages helped alleviate Recognising the dedication and pressure during periods of financial stress, personal loss resilience of our people and uncertainty, by providing relief for members with Our team members have continued to show home loans, small businesses, deposits, personal loans tremendous dedication in their support for our and health insurance. CUA waived fees for a range of members this year. Despite the barriers created by services members relied upon during this time. lockdowns and isolation, our people worked hard to maintain continuity of services, helping members to We paused premium payments on almost 500 health bank from home while safely operating our branch insurance policies where customers were financially network during pandemic restrictions. The resilience of impacted by COVID-19, and deferred our annual our people is to be commended and caps off a three- premium increase by six months. year trend of rising culture and engagement scores across our workforce. This help has made a much-needed difference – 94 per cent of members who’ve taken up our Financial We were also pleased to welcome a new team member Assistance Package indicated they were highly satisfied to our executive – Alana Bailey joined us in July 2020 as with their experience. our new Chief Financial Officer. Standing with our communities Looking to the future CUA continued our longstanding commitment to We achieved an important milestone in our ongoing supporting our communities by directing more journey to grow mutual banking in Australia since our than $1 million in FY20 to tackle socioeconomic last Annual Report. At the 2019 Annual General Meeting challenges exacerbated by COVID-19 including family members overwhelmingly supported an amendment violence, digital exclusion and financial stress. These to CUA’s Constitution that enables us to raise capital funds have helped organisations like the Financial in the future while maintaining our mutual status. This Counselling Foundation, WIRE, Micah Projects and outcome reflected many years of advocacy by CUA First Nations Foundation to support more Australians and our mutual sector peers. We are now in a stronger Directors’ report and facing vulnerability. position to pursue future opportunities for growth, reinvention and transformation that will benefit our financial statements A highlight of our community investment was the members, as and when they arise. launch of CUA’s Connected Future partnership with the Australian Red Cross and social enterprise Infoxchange. As we look ahead, we know Australia and the rest of Its objective – to increase social and financial inclusion the world continue to face significant health, social and through building digital and financial skills – has economic challenges.
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