Heritage Bank has announced it will focus on streamlining the customer experience to maintain its strong results and reputation over the next year.
At the Bank’s Annual General Meeting in Toowoomba, Board Chairman Mr Kerry Betros said Heritage had posted its 14th consecutive record pre-tax profit in 2012/13 at $52.96 million – an increase of 19.4% on the previous year.
Heritage also grew its total consolidated assets to $8.507 billion, an increase of 3.5%, confirming its standing as Australia’s largest customer-owned bank. Total loan approvals in 2012/13 were $1.339 billion, a decrease of 6.7% on the previous year. Retail deposits grew by $336 million to $4.369 billion.
Heritage achieved a capital adequacy ratio of 12.81% and a liquidity ratio of 20.31% as at 30 June 2013, well above regulatory requirements.
Mr Betros said as a customer-owned bank, Heritage has a competitive advantage in offering better prices and better service.
“Heritage has launched a number of internal initiatives, focussing on how we can make our processes simpler, easier and quicker for our customers,” Mr Betros said.
“Heritage enjoys a strong reputation for excellence in customer service, based on its People first philosophy, and would be placing additional emphasis on streamlining the customer experience.
“We will achieve a more streamlined experience for our customers through projects such as removing manual steps in our approvals processes and challenging procedures which place unnecessary administrative burdens on customers.”
Heritage Bank CEO Mr John Minz said Heritage would not be relaxing its commitment to customer value.
“One of the key differences between Heritage and the big banks is that we focus on delivering great value to customers, not on delivering profits for shareholders,” Mr Minz said.
“Independent analysis by Canstar found in the 2012/13 financial year, Heritage customers were $40.7 million better off by banking with us compared to the average of the big four banks.
“While there’s that as a tangible benefit, there’s also the less tangible benefits of banking with an organisation that cares for its customers and its communities,” he said.
“Heritage Bank will continue to have a strong future because we base our organisation on strong values, strong culture and a strong commitment to the best interests of our customers.”
Heritage Bank - customer-owned bank, offering Australians award winning home loans / mortgages, term deposits, credit cards, personal loans, banking accounts and much more.