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CUA lifts profit via banking, health

AAP logoAAP 15/09/2016

CUA has lifted full-year profit 5.8 per cent to $51.7 million on the back of its growing banking and health insurance businesses.

The credit union also added 7,935 new members in the 12 months to June 30, taking the total to 439,713.

Chief executive Rob Goudswaard said CUA's banking and health insurance businesses performed strongly with profits rising, and 8,618 new health policies taken out.

"This result provides a strong platform to continue investing in communities, digital and member-facing initiatives to ensure CUA remains relevant to members' changing needs, particularly during key life changes," Mr Goudswaard said.

However, he expects economic headwinds to make trading conditions tough in the current financial year.

"The limited options available to mutuals to raise additional capital will continue to provide a challenge, as will the competitive environment and margin pressure in this low interest rate environment," Mr Goudswaard said.

"Against this backdrop, CUA must continue to attract members through establishing a deeper connection to communities."

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