People First Bank’s Impressive Growth
With an estimated 46,000 new members joining in the last year alone, People First Bank has proven itself as a leading choice for customers in the mutual banking sector. The bank’s membership base has now grown to a staggering 750,000, a victory that strengthens its position as the organization with the largest membership in the mutual banking industry.
Despite challenging conditions in 2025, the bank’s growing membership base presents an exciting platform for future growth. This commitment to putting people first is at the heart of their operations, and it’s clear that this approach is resonating with customers.
Strengthening Financial Position
According to the 2025 annual report, People First Bank opened a total of 147,000 transaction, savings, and term deposit accounts over the past year. This has significantly contributed to the bank’s financial growth, with total retail deposits growing by 6% to reach $20.1 billion. In addition, the bank’s loans and advances also saw an increase, growing by 4% to reach $21.1 billion.
Moreover, the bank also reported an increase in total assets by 3% to $25.3 billion. As a result, People First Bank will continue to hold the title of the largest mutual bank in Australia, further solidifying its strong position in the banking industry.
Profit Growth and Future Plans
In terms of profitability, the bank reported a net profit of $44.1 million, a significant increase of 7% from the previous year. This financial success is a testament to the bank’s strong management, efficient operations, and customer-centric approach.
People First Bank is the successful outcome of a merger between the South-Australian-based People’s Choice Credit Union and the Queensland-based Heritage Bank. Over the past year, 34 People’s Choice branches have been rebranded under the People First Bank brand. An additional three branches are due to be updated by the end of 2025, and the rebranding of Heritage branches is set to commence in 2026.
In keeping with their commitment to offering customers the best banking experience, People First Bank is also in the final stages of testing a new mobile app and internet banking platforms. These digital banking solutions are being piloted by the bank’s employees and are expected to offer an enhanced and user-friendly banking experience for customers.
With its robust growth and innovative initiatives, People First Bank continues to demonstrate its commitment to offering a superior banking experience to its customers. The bank’s impressive growth metrics, strong financial performance, and sustained customer-centric approach all point to a promising future.
For more information, visit the source Here.
