People First Bank reports bumper profits up 29 per cent one year after Heritage Bank merger

One year after the Heritage Bank and People’s Choice merger, the People First Bank appears to be on strong financial footing with growth across the board.

Steve Laidlaw, People First Bank CEO. Picture: James Elsby

One year after it the merger between Heritage Bank and People’s Choice, People First Bank has reported growth in lending and retail deposits, bringing a 29 per cent increase in net profit and has drawn in 47,000 new customers.

Chief executive Steve Laidlaw said in a statement that the merger was successful because the organisation had a “one-team” culture.

“We are all focused on delivering positive change through banking, and that is reflected in these results” he said.

Net profit after tax of $41.4m were up 29 per cent, from $32.1m year-on-year while total loans and advances were up 6.2 per cent to $20.3bn.

The company’s residential lending portfolio grew by 6.8 per cent to $19.6bn while retail deposits were up 6.9 per cent to $17.8bn.

The bank has also generated $9.3m in community support through the People First Community Lottery, People First Bank Foundation, and various sponsorships, fundraising and volunteering initiatives.

Toowoomba’s Heritage Bank and Adelaide’s People’s Choice Bank merged in March 2023 to form the People First Bank.

The bank has rebranded its iconic Toowoomba office and is set to phase out passbooks by the end of the year.

Mr Laidlaw said the bank was focused on digital enablement, drawing on AI and cloud-based software to improve its customer experience.

“Our investment in technology will ensure a simple, secure, world-class banking experience, no matter how our customers choose to bank with us,” he said.

“These platforms will enable us to establish the very best digital banking capabilities and leverage innovations like AI.”

Originally published as People First Bank reports bumper profits up 29 per cent one year after Heritage Bank merger