Members who attended our Annual General Meeting for 2015 were very pleased with the results achieved by the Mutual Bank as published in the Annual Review. Despite the challenging context in which we find ourselves, the financial snapshot is very reassuring showing a net profit of $14.5 million and assets over $2 billion. Customer satisfaction with our Mutual bank rated at 95% and is reflected in the loan growth and deposit growth of 3.9% and 5.1% respectively.
The Annual General Meeting is your Board of Directors main vehicle for face to face communication with Members and it is an ideal opportunity to celebrate our success together. As you know, in every way, Victoria Teachers Mutual Bank is more than just a bank. We are ‘Invested in you’. We are key supporters of education in Victoria as well as providers of services and sponsorship at a national level and overseas.
This year, in continuing our support, we invested over $500,000 into the education community via partnerships, sponsorships, grants and donations and other support. We encourage innovation in teaching through our own Teaching Initiative Program (TIP). We are very proud of our long and significant relationship with the education community and their supporters. Therefore, it will not surprise you that a sense of satisfaction and goodwill pervaded the atmosphere at the AGM. This does not mean complacency, however.
Your directors, management and staff are determined to build on our success drawing on the talents and energy of our whole community. On behalf of us all, we wish you well for the festive season and New Year and look forward to our continued growth together.