The 2020 Community First Annual Report is now available.
The world has changed in many ways during 2020 but regardless of the challenges we all face, Community First has positioned itself to focus on the role it plays to assist our members achieve their financial goals. Put simply, Community First will keep your money safe so you can keep you family and community safe.
Despite the uncertainties and disruption of the COVID-19 pandemic, we’re delighted to report that our member-owned and customer focused financial institution has continued to achieve its goals across a range of initiatives. Even amidst some of the most unusual business conditions ever encountered, we continue to be acknowledged as a real banking alternative for all Australians.
We have achieved growth in membership, a stable profit result that absorbs some of the interest rate pressure many depositors feel and we continue to grow our assets beyond $1 billion – a reflection of our strength and our commitment to put the interests of members first in everything we do. The past 12 months have seen Community First rise to meet a number of challenges. We continued our defence of the ‘Community First’ name via a lengthy and expensive trademark court case, with a final outcome expected in the 2021 financial year. The Board and management continue to believe in the merits of the Community First case. We were also quick to respond to the needs of members during the pandemic, reaching out with a range of options to help members manage their financial commitments in a time of uncertainty.
We have also achieved key milestones. In May 2020 we reached our first $1 million in donations to the McGrath Foundation. We also commenced a new partnership with the Prostate Cancer Foundation of Australia with the launch of the new Low Rate Blue Credit Card that helps raise money to reduce the impact of prostate cancer on Australian men, their partners and families. Earlier in the year, Community First was awarded several industry accolades based on the value of our products, and we continue to help our members play their role in supporting the Australian environment through our innovative Green Loans.
We encourage you to let your friends and family know that being part of a customer owned banking institution means all members enjoy the benefits of competitive interest rates, fairer fees and standards of service that are higher than our competitors. We have 61 years of experience in making a difference to our members’ lives.
Please take the time to read through the Annual Report to learn more about our achievements for the 2019/2020 financial year.