Customer-owned bank prioritises ‘sustainable growth’ in six months to 31 December
P&N Group grew its loan portfolio by 4.2% to $8.2 billion in the six months to 31 December, with customer deposits increasing 6% to $7.5 billion.
The results suggest the customer-owned bank grew at a slower clip compared to its 2025 financial year, when its loan portfolio increased by 7% and customer deposits by 11%.
However, the latest reporting period saw P&N Group strengthen its risk profile, with capital adequacy increasing from 14.8% to 15.1%. Similarly, ANZ’s first-quarter results published on Thursday prioritised risk management over balance growth.
Net profit after tax (NPAT) came to $15.8 million, marking a 16% year-on-year increase, while customer count increased 1.5% to approximately 205,000.
"Brokers play a vital role in the success of our P&N Bank and BCU Bank brands and investment in the broker channel continues to be a priority for us," managing director and chief executive Andrew Hadley told MPA following publication of the results. "Brokers are a crucial part of our multi-channel approach, working seamlessly alongside our branches, mobile bankers, contact centres, virtual lending teams, and digital platforms."
These results combine P&N Bank’s operations in Western Australia and BCU Bank’s operations in New South Wales and southeastern Queensland. They come two weeks after ending long-running merger talks with Great Southern Bank without securing a deal.
P&N Group confirmed it had concluded exploratory merger discussions with GSB in late January, saying: "Both Boards have mutually agreed to terminate the Memorandum of Understanding. After careful consideration and a robust process, the PNL Board determined that progressing the merger would not be in the best interests of its customers.”
Hadley said the interim results “reflect our continued focus on enhancing customer experience, delivering sustainable growth across retail and business banking, and leveraging the technology investments and business improvement initiatives delivered in recent years.
He added: “The first‑half results build on our performance by delivering better outcomes for our customers, people, and the long-term financial strength and sustainability of the business.
“We are well positioned to deliver on our full-year ambitions and have delivered a strong foundation to leverage in the years to come. These results are a credit to our talented, engaged, and passionate people who work tirelessly to support our customers and communities".
