KPMG's Mutuals Industry Review 2017 highlights that Australia's mutual banks, building societies and credit unions (the ‘mutuals') performed soundly in 2017 despite low interest rates, increased competition, fluctuating property prices, threats from technology and heightened regulatory and compliance demands. This environment is by no means new and has in fact become the ‘new normal’.
The balance sheets of mutuals strengthened this year with net asset growth of 6.8 percent. However, profitability metrics were down with $605.7 million profit before tax reported for the year, a decrease of 4.3 percent on 2016.
Listen to KPMG’s Mutuals Industry Review 2017 podcasts which provides highlights of the 2017 results and further insight into industry issues. KPMG interviewed three CEOs from large mutuals to reflect on how they’ve seen mutuals transform over the last 30 years and provide perspective on what they consider to be the opportunities and challenges facing the industry now and going forward.