Nearly 1500 new local members joined IMB in the past six months alone. Photo: Jen White.
Wollongong locals are “voting with their feet”, with more turning to community-owned banking.
The Illawarra’s leading local bank, IMB Bank, has delivered a strong half-year result, with more local families and businesses choosing IMB for their home loans and savings.
Defying trends sparked by high interest rates and inflation, IMB’s 6.3 per cent lending growth outperformed the broader market. Around a quarter of IMB’s lending was based in the Illawarra.
IMB, which now manages $9 billion in assets, reported a net profit of $19.2 million — up 7 per cent on the same period last year.
With a 145-year history in the region, IMB now maintains banking relationships with one in four Illawarra residents. In the past six months alone, nearly 1500 new local members joined the bank, driving growth across home, personal and business lending.
In a win for local households, savings balances rose as residents proactively sought out higher returns and better-value accounts to make their money work harder. IMB data shows its transaction fee-free deposit accounts have been particularly popular, especially with people approaching or entering retirement who are focused on making every dollar count.
IMB CEO Robert Ryan said the steady growth in lending and savings showed that locals were prioritising stability in an uncertain economy.
“We’re continuing to see local households and businesses plan for the future, whether that’s buying a home, growing a small business or building up savings,” he said. “Our focus is on offering competitive rates, straightforward products and personalised service, backed by a strong digital banking experience that makes managing money simple and secure.”
He attributed a large part of the bank’s enduring success to its direct-to-member approach, favouring face-to-face relationships over a reliance on third-party brokers.
“That trust is incredibly important, particularly in more uncertain times,” he said.
In an era of record bank profits, IMB — a customer-owned bank— is still funnelling millions back into the local soil, with the majority of its profits invested in products, customer experiences and community and charitable initiatives.
Beyond the balance sheet, IMB ramped up member security during the half, deploying advanced scam protections such as biometric identity checks and “Confirmation of Payee” to keep local deposits safe.
This commitment extends to the region’s social fabric, with the IMB Community Foundation distributing a further $700,000 to 58 local non-profits this half.
It brings the foundation’s total community contribution to nearly $13 million over the past 26 years.
