Media Release
Wednesday 27 October 2010
VICTORIA’S LARGEST CREDIT UNION ANNOUNCES RECORD
AT AGM. MEMBER BENEFITS UP 30 PER CENT
Australian credit union, mecu, announced record financial results to members at its Annual
General Meeting in Melbourne last night.
mecu 2009/10 member mutuality dividend increased by 30 per cent to a record $31 million.
“It has been another outstanding year for mecu. As one of Australia’s most successful credit
unions, mecu provides real competition for the major banks,” said CEO Phylip Doughty.
“Our mutuality dividend represents a significant benefit to members, who are collectively $31
million better off due to our overall better interest rates and fairer fees than the four major
banks as independently measured by Cannex.
“Our strong commitment to member satisfaction, responsible banking and providing better
rates and fairer fees underpin these results,” Mr Doughty said.
mecu’s achievements from the 2009/10 financial year include:
Before tax profit was $25.7 million
This year we returned some $31m to our members in competitive pricing benefits
Accumulated member reserves have grown to some $260m
We now manage almost $2.5billion in assets on behalf of members
Member satisfaction ranks at 93%
Members from RegionalOne and Maroondah Credit Unions were welcomed into
the group
We have invested in three new Service Centres in Brisbane, Ringwood and
Ballarat
Our ATM network has expanded into over 3300 rediATMs
A number of mecu banking products were recognised for being amongst
Australia’s most competitive
International Rating Agency Standard & Poor’s increased mecu’s credit rating
This year, mecu was the recipient of both the AFR Smart Investor Credit Card of the Year
(Low Rate Credit Card) award and the Victorian Good Corporate Citizen of the Year award.
Further information:
mecu CEO, Phylip Doughty: (w) 03 9854 4646 (m) 0412 515 208
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