People First Bank’s inaugural half-year results ‘extremely pleasing’ as new national brand arrives


14 March 2024

People First Bank (formerly Heritage and People’s Choice) has reported above-system home loan growth and a healthy profit for the first six months of the 2024 financial year – its first as a standalone organisation.1

The news comes as the leading customer-owned bank initiates the national rollout of its new brand, with Heritage Bank Stadium on the Gold Coast being renamed People First Bank Stadium in time for the 2024 AFL season.

“This is an extremely pleasing set of figures and they represent a watershed moment for us,” CEO Peter Lock said. “They show we’ve successfully navigated the most crucial period post-merger and we can now fix our sights on the future – to be a new, purpose-driven bank for all Australians.”

Over the six months to 31 December 2023, People First Bank saw its residential loans portfolio increase by $550 million – an annualised growth rate of 6.0%, well above system growth of 4.2% over the same period.

Total loans and advances increased to $19.64 billion, an increase of 2.7% for the six months to 31 December 2023. Retail deposits also increased by 5.2% to $18.29 billion. Total consolidated assets rose by 5.3% to $24.59 billion, and the organisation recorded a net half-yearly profit after tax of $31 million.

People First Bank also finished the six-month period with a robust liquidity ratio of 18.15%.

“Thanks to our absolute focus on our members, we’ve maintained strong growth across deposits and loans,” Mr Lock said.



FY24 (Half Year)

Six Month Change

Loans and advances

$19.12 billion

$19.64 billion


Residential loans

$18.38 billion

$18.93 billion


Retail deposits

$17.39 billion

$18.29 billion


Consolidated assets

$23.31 billion

$24.59 billion


Profit after tax

$32 million

$31 million


Liquidity ratio





New brand to drive awareness and growth

Across the half-year period, the organisation increased net membership by a further 13,586 in an extremely competitive operating environment.

“We know we have the products and service that people want. Now, as we introduce our new brand we have the opportunity to tell our story to a broader, national audience and attract even more people who want a bank that’s focused on them and not billion dollar profits,” Mr Lock said.

“There’s no reason we can’t be Australia’s first member-owned bank to have a million members.”

The new People First Bank logo is initially being introduced through the bank’s high-profile community initiatives – the People First Bank stadium on the Gold Coast, its long-term Western Bulldogs AFL team partnership, and its national charitable Foundation and Community Lottery.

While the organisation as a whole is now known as People First Bank, its two existing retail brands – Heritage Bank and People’s Choice – remain in the market while the brand transition is completed.

“We anticipate the rebranding of People’s Choice will be largely completed by the end of this year, with Heritage Bank to follow, consistent with the integration of our products and technology,” Mr Lock said.

“This is not just a new name on an old organisation. We’ve taken the opportunity provided by the merger to build an all-new bank – a truly purpose-driven, customer-focused financial institution that will deliver positive change to our members and our communities.”

Immediately following the reporting period, the bank also received very positive endorsement from the market, comfortably raising $400 million via its inaugural senior debt transaction. 


PHOTO: People First Bank Chairman Michael Cameron and CEO Peter Lock

1. Profit after tax for the first eight months of the 2023 financial year was attributable to the operations of People’s Choice Credit Union on a standalone basis. As a result of the merger on 1 March 2023 the profit after tax for the final four months of the 2023 financial year includes profit earned in relation to the operations of Heritage and People’s Choice.

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