End of Financial Year Message from the CEO

Capricornian CEO
The Capricornian CEO Dale Grounds

Dear Members,

As the 2018/2019 financial year comes to an end, we can celebrate what has been another strong year for The Capricornian. While loan growth has been subdued due to economic conditions in Central Queensland, the value of our excellent products and customer service has been reflected in a growth in new memberships and an increase in deposits held by our members.

As a member owned financial institution we continually work to balance the diverse needs of depositors and borrowers. This work is completed within the confines of a very dynamic market where our competitors, with a service model built around much lower levels of service, continually alter their product offerings and interest rates. We will always seeks to provide the best products at the lowest rates for our borrowers, whilst being able to provide a reasonable level of return to depositors.

Being member owned, and focused on the Central Queensland communities in which we operate, we have been able to seek opportunities to expand and consolidate our services. An excellent example of this has been our collaboration with the Central Highlands Regional Council to open a new branch in Springsure in March. This important and historical Queensland community had been without a financial institution since 2016. Your Credit Union, The Capricornian, has now returned a full range of banking services to the regional town. We have also renewed our commitment to Emerald, in a period when other financial institutions have left town. This has been done through a total renovation and sharing of premises with Westfund, a member owned Health Fund widely represented across Central Queensland.

In the coming year The Capricornian will work hard to profitably service our customers, while supporting our community through sponsorships and grants. Our Community Grants Program is in its second year, established with the objective of strengthening relationships and supporting worthy not-for-profit organisations for events, projects and infrastructure in CQ. With a total of $25,000 available annually, divided across two rounds, the funding is a way that The Capricornian can reinvest and nurture the communities in which we operate.

We can expect to record stronger loan growth as the Central Queensland region begins to enjoy higher levels of economic growth from a number of proposed construction projects. We will also seek to streamline our services to ensure we continue to offer our members access to their banking in the manner they require.

Yours sincerely,
Dale Grounds
Chief Executive Officer
The Capricornian

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