Credit Union Australia has recorded an 18 per cent decline in its first half profit and expects subdued growth over the next six months.
CUA made a net profit of $27.9 million for the six months to December 31, down 18.2 per cent from the same time last year.
Chief executive Chris Whitehead said the previous first half result had been skewed by one-off gains.
“It is special one-off contributions that boosted our bottom line in the first half of the 2013 financial year that largely accounted for the decline in our year-on-year profit this year,” he said.
He said the company had recorded solid loan growth and reached its target of more than $10 billion in consolidated assets during the half, despite tough market conditions and significant investment in its banking system.
The company expected subdued growth over the next six months, due in part to its ongoing investment in the business, he said.
“In the short term, our focus is on keeping costs under control while continuing to make essential investment in the business,” he said.