The Capricornian delivers record breaking result for 2015
CENTRAL Queensland's only locally owned financial institution has announced a record profit for the 2015 financial year.
The Capricornian Chairman Tony Edwards advised members at its recent AGM that pre-tax profit had increased by some 29% to a $2.1million result for the year.
Profit after tax at $1.5million was an increase of a similar level.
This result was achieved on the back of solid growth in both housing and personal loans.
The growth in the home loan portfolio of 5.6% for the year was described by Mr Edwards as an outstanding result given the impact the mining downturn has had on Central Queensland as a whole.
One of the strengths of The Capricornian is that it is locally based and its branch managers have a strong familiarity with their local areas.
Mr Edwards advised that The Capricornian has not adjusted its loan to security ratios, as have a number of major banks and financial institutions in recent times, due to the mining influence.
Mr Edwards further indicated that The Capricornian is still prepared to lend to 80% for home buyers in all its major Central Queensland locations and up to 95% with mortgage insurance.
The Capricornian's assets also increased during the year to stand at $283 million dollars with the institution holding $260 million dollars of deposits and investments, primarily on behalf of Central Queenslanders.
The result is reflective of the competitive rates offered on all of its products and indicative of the improvement in its product offerings.
The Capricornian received CANSTAR Five Ratings during the year for both its savings and loans products.
The Capricornian significantly increased its community presence during the year and returned approximately $90,000 back to its Central Queensland communities in the form of sponsorships and donations.
The Capricornian has recently relocated its Gladstone branch to modern premises and will shortly relocate its Rockhampton North branch to Stockland Shopping Centre.