Credit union profit has almost doubled
PETER Mogg is leading Capricornia Credit Union's five-star performance in the competition against Australian banking's big boys.
Mr Mogg, who is the local credit union's general manager, was all smiles yesterday as the business announced half-yearly results that showed profit was nearly double that for the same period last year.
The before-tax profit for the half year to the end of December of $1,018,076 was 94.5% up on the previous year's figure of $523,387.
It's been a big 2006, with the credit union also winning national awards for its products and awarded the top ratings by the industry's peak body.
"Capricornia Credit Union's recently released half-year results prove that bigger is not always better when it comes to growing business and providing customers with the best banking opportunities," Mr Mogg, who has headed the credit union since 1994, said.
"Our business model is not highly dependent on large scale.
"We work on sound business principals and the core ideal of providing good value for members.
"We are confident we can continue to deliver good value."
Australian's leading independent consumer research firm, Cannex, assessed that in 2006 Capricornia returned more than $3.1 million in added customer value to its members.
Cannex also selected Capricornia's E Saver account for a five-star rating, ranking it within the top 5% when assessed against more than 800 other Australian deposit products.
And in another major achievement, Capricornia's transaction account, electronic savings account and three-month term deposits were recognised as being the best in Australia by the Money magazine's Best of the Best awards.
Member deposits have increased 10.5% to $220.3 million.
"Unlike major banks and other financial institutions, our focus is on creating value for members rather than maximising returns for shareholders," Mr Mogg said.
"Our relative size compared to larger competitors is an advantage and it means we can offer a more personalised, individual service."