The BankVic 2023 Annual Report
We are pleased to release the BankVic Annual Report for 2023, which contains detailed information on our strategy, financial results and sustainability performance.
A message from our Chair and CEO
On behalf of the Board, the Executive Team and our people, we are pleased to share with you the 2023 Annual Report; in what has been another successful and rewarding year.
At BankVic, we serve those who serve the community, and it is a privilege to work alongside you to support your financial wellbeing and make a difference to the causes most important to you.
Delivering results and consistency in challenging times;
With many industries facing significant challenges in the current economic environment, we have delivered another year of strong growth, continuing to hold our position as one of Victoria's largest Mutual banks
We achieved new lending; of $749M while maintaining a strong liquidity and capital position of 21.1% and 19.5% respectively. We also started 2023 with a significant milestone, officially reaching $3 billion in assets. This is a growth of 50% in just four years from $2 billion in 2019.
In our 49-year history, we have doubled in size in the last seven years and we could not have done this without our members’ support.
We recognise that the rising cost of living impacts the lives of our members. It was important for us to minimise this impact for our home loan members by not passing on the full amount of the RBA cash rate increases, over four successive months - one of very few banks in Australia to do so. At the same time, we increased deposit rates to build and safeguard our members savings.
Elevating the member journey: Enriching the experience and keeping your money safe.
We are committed to improving every aspect of banking for our members, continuing to make it simple and more secure to bank with us, providing value for money, and making it easier to access our products and services.
A major part of this is our Digital Transformation program - streamlining our processes from becoming a member, to buying a house or applying for a credit card, saving you time and making your life easier.
The Australian Bureau of Statistics reported that 65 per cent of people received a scam offer or request last year, up from 55 per cent. To help protect our members and the community, we were pleased to extend our partnership with Crime Stoppers Victoria with the launch of a podcast series to raise awareness on cybercrime and provide practical ways to stay safe online.
In addition, we launched "BankSafe with BankVic, a range of resources to empower our members to protect their personal and financial information. We have also extended our use of one-time passwords, layering additional security on payments to help keep you safe. We remain committed to providing straightforward and personal banking for our members and are pleased to see our efforts recognised with a member satisfaction score of 85%
Investing in our people
We have supported our people's growth by providing opportunities through memberships with organisations including Women in Banking and Finance, the Diversity Council Australia, and professional development training at the Australian Institute of Management and the Financial Services Institute of Australasia.
Building our community partnerships
We have continued to support our members and communities by investing in their professional and career development, health and wellbeing and in fostering connections with the broader community.
Thank you to our members for your commitment to protecting our community, and for keeping us safe. We are so proud to be part of your community, and your support of BankVic drives us to better serve you and meet your financial needs, making your lives easier.
From humble beginnings in the Victoria Police Association store room in 1974, we are delighted to celebrate our 50 year anniversary next year, and look forward to celebrating this milestone with you
To read about this work and more, head to the full Annual Report here.