IMB CEO Robert Ryan said IMB’s strong performance in the face of economic challenges reflected the “remarkable resilience” of local communities. Photo: Matthias Engesser/Narrative Post.
IMB Bank has marked its 145th year with a milestone that few financial institutions outside the big four can claim – more than 19,000 new members in just 12 months.
The Wollongong-born, member-owned bank also reported record lending of $2.1 billion in the year to June, pushing total loans to $6.9 billion and lifting deposits to $7.1 billion.
CEO Robert Ryan said despite national cost-of-living pressures and a subdued property market, the figures suggested Illawarra households and businesses were still willing to back a homegrown alternative.
“As a member-owned bank, we do well when our members do well,” he said.
“Our results reflect the remarkable resilience of our local communities despite cost-of-living pressures and subdued housing markets nationally.”
The bank’s small business loan portfolio jumped 15 per cent, while housing finance remained steady with arrears well below industry averages.
That balance between supporting growth without overextending borrowers has helped IMB hold a 95 per cent satisfaction rating, significantly higher than the big banks.
IMB Bank was founded in 1880 as the Illawarra Mutual Building Society (IMB) and is Australia’s oldest mutual bank. Its head office is in Wollongong, but the bank has grown far beyond these roots, offering digital banking alongside its branch network and an Australian-based contact centre.
Mr Ryan said that evolution had been key to attracting members from across the country, but its cooperative DNA remained the same: profits were reinvested into services, competitive rates and community projects.
“Our ability to engage with and attract members across Australia through digital banking options and our Australian-based contact centre represents a significant evolution from our beginnings in 1880, but our passion for providing dedicated member service over those 145 years has not changed,” he said.
“Being member-owned, we reinvest the vast majority of our profits back into creating better banking experiences, offering competitive products and rates and giving back to communities.”
That includes the IMB Community Foundation, which handed out $750,000 in grants this year to support local health, education, sustainability and social inclusion initiatives.
Since its launch in 1999, the foundation has invested $13 million into more than 1000 grassroots projects across the Illawarra, South Coast and Southern Highlands.
Mr Ryan said another cornerstone of its success had been a thoughtful blend of digital convenience with a personal touch.
“In response to evolving member preferences, a key focus has been on integrating digital platforms with in-person services, which has supported member acquisition and member satisfaction throughout the year,” he said.
The bank has recently introduced biometric ID checks and digital loan document signing to speed up applications, alongside added scam protections and fee-free options.
