After a year of rapid growth and innovation, Queensland Country Group has reported a net profit before tax of $5.2M at their recent Annual General Meeting held in Townsville.

The organisation undertook massive technology upgrades through 2016-17 with a core banking conversion, launch of a new website, internet banking platform, mobile app and improvements to their flagship SmartBudget product, while also completing a merger with Far North Queensland based credit union ECU Australia.

Queensland Country CEO, Aileen Cull said that the changes had proven beneficial and that during this period they had maintained growth in their loan balances reporting 32.69% growth for the year.

“The merger with ECU contributed to the growth in our loan portfolio as we took on their loan balances and welcomed their Members in to the organisation.

“We also saw a banking conversion through the merger as we integrated former ECU Members across to our banking system and I was pleased with how this transition went with just over 70% of Members logging on to their new internet banking within 24 hours of the conversion.

“At the AGM we were also pleased to see that Michael Beard, Tony Williamson and Richard Kennerley were re-elected to the Board for a further three years.

“During 2016-17 we also announced the proposed merger with South-East based credit union, Queenslanders Credit Union and today we eagerly await the outcome of their Member vote at their AGM in Brisbane.

“Should the vote be successful, Queensland Country’s net assets will be approaching $2.1B and we’ll have a network of 31 branches and two agencies to service Members’ banking needs right across Queensland.

Editor's note: On Thursday 30 November 2017, Queenslanders Credit Union Members said 'Yes'! Read more >

“The merger will deliver a stronger, more resilient, Queensland centric, mutually owned organisation.

“We are looking forward to another successful year with our Members and being able to progress more innovative projects that deliver value and efficiency for them such as the New Payments Platform.”

The New Payments Platform will be available for Queensland Country Members next year when it launches across Australia.

Learn more about the New Payments Platform and how we're getting ready for its anticipated launch.