$10 billion milestone reflects Teachers Mutual Bank Limited’s history of sustainable growth

1 December 2021: Teachers Mutual Bank Limited today announced it has achieved $10 billion in assets – a new milestone for the mutual bank that is celebrating 55 years of operation in 2021. 

Chief Financial Officer, Glenn Sargeant, said the milestone is the result of the Bank’s implementation of a digital-first strategy, while enabling sustainable growth.

“Since our humble beginnings in the 1960s when Teachers Credit Union had just 29 members and $644 in deposits, it’s amazing to see how Teachers Mutual Bank Limited has grown into one of Australia’s most competitive and socially responsible financial institutions.

“In September 2021, we crossed $8 billion outstanding in loans. Our growth in home loans has been achieved by ensuring our fixed-rate home loan offering has been competitive in the heated market, as well as revamping our home loan offering to ensure it’s simple to understand and suits our Members’ needs. In FY2020-2021, we are proud to have lent $2.3 billion in nearly 8,000 loans and approved close to 1,000 credit cards.

“Earlier this year in May we reached $8 billion in retail deposits. Throughout the COVID-19 lockdowns, our Members went into savings mode. Given that our Bank serves essential workers in education, emergency services and health care and their families, many of our Members have been fortunate to keep steady income throughout the pandemic,” said Glenn Sargeant.

Teachers Mutual Bank Limited recently welcomed 6,000 new Members following the successful completion of a merger with Pulse Credit Union Limited in Victoria. The new Members sees Teachers Mutual Bank Limited sitting at approximately 227,000 Members across Australia.

Chair, Maree O’Halloran, said: “As a mutual, having a strong asset base means we are positioned well to continue to meet our Members’ needs into the future.

“While $10 billion in assets represents an important financial milestone, we also aim to maintain our track-record for consistently high levels of member satisfaction. I’m immensely proud that our Members continue to tell us that they remain highly satisfied with our products and services as well as the fact that we are as a socially responsible organisation,” Maree said.