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Annual Review 2014 Financial Year

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Annual Review 2014 Financial Year 20120143 2014 ANNUAL REVIEW. ME BANK AWARDS. ME BANK WON THE FOLLOWING AWARDS IN THE 2014 FINANCIAL YEAR CANSTAR AWARDS 2014 CANSTAR Award 2014 CANSTAR Award 2014 CANSTAR Award Gold Medal - Gold Medal - Gold Medal - Outstanding Value Outstanding Value Outstanding Value Transaction Account Savings Account Mortgage 2014 CANSTAR Award 2014 CANSTAR Award Gold Medal - Gold Medal - Outstanding Value Outstanding Value Home Loan Deposit Account MONEY MAGAZINE AWARDS 2014 Money Magazine 2014 Money Magazine Best of the Best Awards - Best of the Best Awards - Best Short-Term Deposit Best Long-Term Deposit SMART INVESTOR AWARDS 2014 Smart Investor 2014 Smart Investor Blue Ribbon Awards - Blue Ribbon Awards - Regional Bank of the Year Best Short-Term Deposit OTHER AWARDS ON-MAJ N OR ST B E A B N K B 2014 Australian 2014 Mozo People’s 2014 Australian D M Mortgage Awards - Choice Awards Lending Awards - Best Non-Major Bank BDM Gold Medal Best Customer Experience CONTENTS. ONE: MESSAGES FROM THE CHAIRMAN AND CEO. 3 TWO: ABOUT ME BANK. 5 Overview 5 Products and Services 5 Customers 6 THREE: 2014 PERFORMANCE. 7 Overview 7 Financial Performance 7 Operational Efficiency 8 Balance Sheet 8 Funding 10 Capital Management 11 FOUR: PRIORITIES. 12 Overview 12 The Transformation Program 12 Growing Network Deposits 13 Workplace Banking 14 Mobile Lenders 14 Growing Primary Bank Relationships 15 Other Notable Changes 15 FIVE: RISK MANAGEMENT. 16 SIX: GOVERNANCE. 17 Corporate Governance 17 Board 17 SEVEN: EXECUTIVE TEAM. 23 EIGHT: CORPORATE RESPONSIBILITY. 26 Overview 26 People 26 Community 28 Environment 30 NINE: KEY FINANCIAL INFORMATION. 32 2 ME Bank Annual Review 2014 ONE: MESSAGES FROM THE CHAIRMAN AND CEO. BERNIE FRASER, CHAIRMAN ME Bank not only survived the The Plan provides for further global financial crisis but also solid increases in profits and emerged from those upheavals customer numbers, further steady a different and stronger bank. improvements in return on equity One indicator of this is its good and cost-to-income ratios and, on performance in the 2013-2014 the back of several initiatives, a financial year, with underlying net strengthening of bonds between profit rising 28 per cent to over the Bank, its shareholders and their $47 million. members - in short, the fruits of the recent refocusing of the Bank, the The Bank’s now emerging strength strengthening of the executive team is expected to gather considerable and, not least, a giant leap forward momentum in the years ahead as in the Bank’s technology systems. the growth strategy embodied in the current three year Business Plan is played out. 3 ME Bank Annual Review 2014 JAMIE MCPHEE, CHIEF EXECUTIVE OFFICER It is pleasing to report that ME Bank Customer numbers grew 10 per Outlook achieved a strong result over the cent to in excess of 312,000 during ME Bank is focused on achieving 2013-2014 financial year (FY14). FY14. This represents 24 per cent a strong growth trajectory growth in customer numbers over Continuing investment in technology in customer numbers and the past two years. This strong level and our people have placed the strengthening its balance sheet. of growth indicates customers are Bank in an excellent position from recognising the value of ME Bank Our nearly completed technology which to achieve an accelerated products and services. transformation program will be a key growth agenda over future years. enabler for growth. In an industry Total loans on-balance sheet grew Highlights increasingly reliant on technology, by 19 per cent year-on-year, from the completion of this project in early Underlying earnings were up 28 per $12.5 billion to $14.9 billion. This was 2015 will result in ME Bank having cent to $47.4 million, predominantly driven by our home loan portfolio, the technical platform to be a leader driven by growth in home loan which is benefiting from a diversified in the range and attractiveness of its settlements (up 19 per cent to distribution strategy that includes products and services. $3.8 billion), and an improved net Workplace Banking, Mobile Lenders interest margin (up 2 basis points to and Brokers. ME Bank maintained a Growth will also be boosted by 1.55 per cent). This earnings growth market-leading fixed rate home loan the decision to extend ME Bank’s was achieved as we continued to offer throughout the year. home loan offering to all borrowers, invest significantly in the business, not just to members of Industry and against the backdrop of a low Our deposit strategy continues Super Funds (ISFs) and unions. credit growth environment. to diversify our funding base, At the same time, ME Bank will embedding a more robust balance remain focused on providing ISF The cost-to-income ratio continues sheet structure. During the year, and union members with special to fall, reducing by over three ME Bank deposits grew ahead of deals across a range of banking percentage points to 71.1 per cent. the Australian banking system, products and services. This continues a year-on-year trend recording growth in retail and that has seen the cost-to-income business deposits. The range of The past few years have seen ratio reduced from 80.4 per cent deposit products offered to retail a significant focus on building in June 2010. The expectation customers continues to expand with the capability of ME Bank. With is that the cost-to-income ratio one new product, the Cash Notice a restructured executive team will continue to fall, aided by the Account, achieving over $1 billion in and new technology in place, introduction of new technology that deposits in its first year. we are well positioned to pursue will enable greater efficiency to be a growth agenda. driven through the Bank. 4 ME Bank Annual Review 2014 TWO: ABOUT ME BANK. OVERVIEW PRODUCTS AND SERVICES ME Bank was established as Super ME Bank’s focus is on providing Deposit Products Member Home Loans in 1994, to retail banking products to help • Treasury Products provide cost effective home loans Australians transact, save, and to members of ISFs and unions. borrow. We are committed to • 11am Account providing products that enable • Term deposits Today, the Bank is owned by people to meet their financial • Electronic Certificates of Deposit 30 ISFs who collectively have in goals, especially saving for and excess of $250 billion in funds • Long term debt purchasing assets such as homes under management. The Bank • Cash Notice Account and vehicles. obtained a banking licence in Business Banking Products 2001, and is regulated by the The distribution of these products ® Australian Prudential Regulation is through a variety of channels • Business MasterCard Authority (APRA). Consequently, designed to meet the needs of our • Business finance solutions customers’ deposits up to customers. Customers can open • Asset finance solutions $250,000 are protected by the accounts with Workplace Bankers • Staff car packaging Government Guarantee. at work-sites, over the phone, and online. Home loans are sold by over Servicing Customers Our head office is in Melbourne 70 of the Bank’s Mobile Lenders, and we have offices in every • Internet banking and through a network of 18 broker Australian capital city. Our personal • Workplace banking partnerships. Mobile Lenders, banking products include home • Mobile lending specialising in home loans, visit loans, credit cards, personal loans, customers at home and in the • Broker network novated car leasing, transaction workplace at a time convenient • Australian-based national accounts, saving accounts, and to the customer. customer contact centre term deposits. We also offer a range • Sales and service centres of finance solutions for employers, Personal Banking Products including loans and asset financing, • Home and investment as well as investment and term property loans deposit accounts. • Credit cards In March 2014 the shareholders • Personal loans approved the change of the • Car finance Bank’s company type to a public • Transaction accounts company. The change took effect on 25 April 2014. • Savings accounts • Term deposits ME Bank’s shareholders. 5 ME Bank Annual Review 2014 CUSTOMERS ME Bank’s customers come from a broad cross-section of the Australian community. ME Bank understands that customers have different needs and desires based upon their life stage and goals, and we offer a suite of banking products and services to meet the needs of our varied customer base. For customers looking to purchase their own home, our core home loan products offer competitive rates. The Bank’s standard variable home loan rate has been lower than those of the big four banks for every month of every year since we became a bank in 2001, something we are proud of and plan on continuing. For customers who are looking to save and invest as they transition to retirement, we offer a competitive range of retail deposit products and innovative cash solutions in conjunction with ISFs. Over the last financial year, ME Bank grew its customer base by 10 per cent, from 284,000 at the end of June 2013 to 312,000 in June 2014 (refer to Figure 1 below). We believe this growth is reflective of the breadth and competitiveness of the ME Bank product offering. Customer Numbers 312,000 284,000 252,000 242,000 233,000 2010 2011 2012 2013 2014 Figure 1: Customer Numbers (rounded to nearest thousand) ME Bank currently provides banking products and services to an average of 4 per cent of our ISF shareholders’ membership, and continues to pursue ways of increasing this take up rate significantly in collaboration with our partners. 6 ME Bank Annual Review 2014 THREE: 2014 PERFORMANCE. OVERVIEW FINANCIAL PERFORMANCE ME Bank has produced a strong ME Bank’s underlying net profit after result across key financial metrics tax (NPAT) for the year ended (refer to Table 1 for details).
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