Building societies and credit unions achieved strong growth in 2007, despite increased competition from banks for their members’ loyalty.
Building societies achieved asset growth of 11.2 percent and credit unions 11.6 percent. These figures include securitised assets.
Profitability for building societies increased 14.3 percent over the previous year and credit union operating profit after tax increased by 16.4 percent in 2007. These strong results were built on asset growth, control over costs and a very favourable bad debts experience.