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CPS shows strong profit
Canberra's CPS Credit
Union showed a strong 44.9
per cent rise in after tax profit
in the year to June 1993, de
spite a fall in total income from
$17.9 million to $16.2 million.
Profit for the year rose from
$1,179 million to $1,708 mil
lion, according to the organisa
tion's annual report released
yesterday.
The fall in income was main
ly due to a fall in non-interest
income, with interest income
showing little decline, from
$8.9 million to $8.77 million.
The credit union's total as
sets increased strongly from
$119.4 million to $131.5 mil
lion. Profit to asset ratio rose
from 0.99 per cent to 1.3 per
cent and expenses to assets fell
from 14.01 per cent to 11.01
per cent.
The organisation's chairman
Hal McMahon said in the an
nual report that "despite the
intensity of marketplace com
petition, CPS achieved its ob
jective to maintain a steady
growth in reserves by improv
ing the level of profitability and
at year end recorded a surplus
of $1.7 million.
— IAN DAVIS
$