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Mutuals Industry Review 2018

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Mutuals industry review 2018 Maintaining trust in turbulent times $ November 2018 KPMG.com.au Foreword This report examines the performance and For the purposes of preparing our charts and trends of Australia’s mutual banks, building analysis, KPMG has disclosed the results of societies and credit unions (together, the the Top 10 Mutuals by total assets (the Top Mutual sector) as regulated by the Australian 10) together with the results of the remaining Prudential Regulation Authority (APRA). Mutuals (Mutuals excluding the Top 10). It includes the financial results of 48 Mutuals We have also made reference to the for the year ended 30 June 2018 (2017: 52 financial results of the Australian major Mutuals), which represents over 90 percent banks (the majors). of the Mutual sector by total assets and profit We would like to thank the survey respondents before tax. for their time and contribution to this report. The financial information, analysis and Please visit our website for access to the observations have been compiled from publicly following materials that accompany this report: available financial reports, APRA statistics and also includes information from the prior year. In –– Webinar: A preview into the key findings certain instances, data has also been obtained from our report. This covers both analyses of directly from survey participants. financial results, and of key responses to our qualitative survey. A recording of the webinar This report also includes the results of our is available. qualitative survey, which asked Mutuals to share their views on the risks, challenges and –– Mutuals insights dashboard: Interactive opportunities they see facing the industry. charts and graphs of the financial data We had a fantastic response rate this year collected, which can be filtered based of 100 percent (2017: 75 percent) which on preferences. An introduction into the demonstrates the Mutual sector’s enthusiasm dashboard’s capabilities is included in the to come together and leverage experiences webinar recording. and operate in unison in the highly competitive –– Financial datasheet: This details the financial banking market. information collected. © 2018 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. Contents Introduction ...................................................................6 2018 financial results .....................................................8 10 issues on a Mutual’s mind ......................................21 Community highlights .................................................44 Appendix ......................................................................46 Footnotes ....................................................................49 Report contributions ....................................................50 Contact us ...................................................................52 The KPMG Mutuals Insights Dashboard The dashboard can be accessed via our website at The KPMG Mutuals Insights Dashboard which KPMG Mutuals Insights accompanies this report contains interactive Dashboard charts and graphs that are underpinned by the financial data collected from Mutuals surveyed. This dashboard enables you to filter the data based on your own preferences and view the financial metrics for a particular year or segment of the Mutual sector. You can also view metrics for an individual Mutual in comparison to a peer group. © 2018 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 4 Mutuals Industry Review 2018 Year in review – 2018 highlights 30bps 46 1bp Average capital adequacy Operating profit Net interest ratio increased by before tax increased margin increased 30 bps to 16.36% by 4.6% to $634.8m 1 bp to 2.04% 50 19 4 $ Deposits grew by Non-interest income 5 mergers 5.0% to $ 91,933.9m decreased by completed (2017: 9) 1.9% to $555.9m 004 66 57 Impairment expenses Residential lending Technology spend remained steady increased by rose by 5.7% to at 0.04% of average 6.6% to $89.5b $182.9m gross receivables © 2018 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. Mutuals Industry Review 2018 5 current and 10 emerging topics 1 The Trust Agenda 6 Workforce of the future Why trust is important, and what How robotics process automation (RPA) framework to utilise to measure and and artificial intelligence (AI) are currently foster trust. shaping the workforce and how they may shape the workforce of the future. 2 Customer branding 7 Royal Commission and loyalty What were some of the key interim How to utilise existing branding findings, how will they impact on trust of a Mutual to demonstrate trust. in the financial services sector? What lessons can a Mutual learn from the Commission? 3 Emerging technologies What are the new upcoming technologies on the horizon for the banking sector? 8 Banking Executive How can a Mutual leverage its size, relationships and often limited budgets Accountability Regime to gain exposure to these new (BEAR) technologies? What are the right tools for building accountability in all facets of the 4 business? This is in the presence of the New Payments Platform sector campaigning for a ‘#MoreThan4’ (NPP) proportionate regulation. The progress of the NPP and its take- up in the Mutual sector. What will the 9 Regulatory changes current and future state of NPP look like? How do we utilise the cybersecurity governance regulation to build resilience 5 Open Banking in our data governance & reporting How is Open Banking regulation world- processes? Further, how can a mutual wide shaping the current state of Open utilise additional capital raised through Banking in Australia and are the Mutuals Mutual Equity Interests (MEIs) effectively. prepared for this? 10 Tax developments Managing expectation of all stakeholders, including communities that depend on government funding, the ATO and members in relation to tax. These questions are here to stay and not addressing them head-on opens the opportunity for others to take the lead in the fight for growth, customers and returns. © 2018 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 6 Mutuals Industry Review 2018 Introduction The year 2018 saw Mutuals perform well, with a balance sheet (net assets) growth of 5.6 percent (2017: 7.3 percent) to $8.9 billion. Overall operating profit before tax, grew by 4.6 percent (2017: fell 4.3 percent) to $634.8 million (2017: $606.7 million) while the squeeze on net interest margins (NIM) has started to stabilise. The Mutuals’ performance has been underpinned However, it’s not just in Australia where trust in by their continued effort in streamlining financial institutions has diminished - this is also operations, enhancing products and services, occurring globally. APRA explains ‘trust is the investing in technologies to enhance the currency of banks’. However, this currency cannot customer experience, maintaining pricing be bought, sold or demanded, rather it is built discipline, and in some cases, merging to gain over many years. And as we have observed, it can economies of scale. also be lost quickly. Also impacting these results is a business Against this backdrop, there are many pertinent environment characterised by low interest rates, considerations for Mutuals to consider, in strong competition, property price fluctuations particular, the potential for, and extent, to which and an industry being reshaped by a new wave of recommendations from the Royal Commission technological innovation and evolving customer into Financial Services and the APRA Prudential preferences. Inquiry will impact the Mutual sector, as well as how, and when, to invest in new technologies to The industry is also facing unprecedented enhance the customer experience. political, regulatory and media scrutiny and ultimately, challenges in arresting a decline This report explores a number of similar in trust. considerations and aims to provide insight into what is on a Mutual’s mind when it comes to ‘maintaining trust in turbulent times’. © 2018 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Liability limited
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