8 October 2024
In its first full financial year post-merger, People First Bank reported a robust profit alongside above-system increases in lending and deposits.
CEO Steve Laidlaw credited the “one team” culture as key to the bank’s success. “Our merger succeeded not only due to strategic alignment but because of our shared values. We are all focused on delivering positive change through banking, and that is reflected in these results.”
Financial highlights for the 2023-24 year include:
People First Bank welcomed 47,000 new customers and remained one of Australia’s most trusted financial institutions, with a net promoter score of +32, well ahead of the market average of +13.
The bank’s growing focus on the broker channel also contributed to these strong results:
Digital enablement driving future success
Central to People First Bank’s strategy is its focus on digital enablement, simplicity and a commitment to doing good. The bank is well advanced in building a modern suite of digital technology banking platforms that will be industry leading.
Partnering with globally-recognised digital technology providers – including Backbase, Salesforce, Simpology and Firserv – the bank is creating a best-of-breed suite of cloud-based technology platforms that will deliver outstanding digital experiences and security for its customers.
“Our investment in technology will ensure a simple, secure, world-class banking experience, no matter how our customers choose to bank with us,” Mr Laidlaw said. “These platforms will enable us to establish the very best digital banking capabilities and leverage innovations like AI.”
Mr Laidlaw also emphasised the importance of technology in future mergers: “Technology is now a key factor in merger opportunities. Along with cultural alignment, our leading technology platforms that facilitate easier integration will make us a merger partner of choice.”
Purpose-driven impact
The bank’s commitment to doing good generated $9.3 million in community support through the People First Community Lottery, People First Bank Foundation, and various sponsorships, fundraising and volunteering initiatives.
“We achieved carbon neutrality through Australian carbon credits, continued programs to reduce our carbon footprint and advanced reconciliation efforts with First Nations people through our Reconciliation Action Plan,” said Mr Laidlaw.
“This purpose-driven approach resonates with customers who want an environmentally and community-orientated bank.”
Positioned for sustained growth
“Our results this year highlight the strength of our merger and the strategy guiding us forward,” Mr Laidlaw said. “By combining a strong cultural foundation with technology investment, we are creating a customer-focused, sustainable and technologically advanced bank positioned for long-term success.”