COASTLINE YEAR
IN
REVIEW 2019/20
report CHAIR'S
The past 12 months have been challenging for Coastline and our members. The year was marked by the severe bushfires during the summer months and then the outbreak of COVID-19. The economic consequences of both the bushfires and pandemic have been far reaching for our members
T
o limit the financial impact of the pandemic the Reserve Bank of Australia and the government implemented supportive policy measures on a massive scale. The Reserve Bank slashed interest rates and the government has provided an unprecedented amount of financial support and stimulus to the economy. CORE PURPOSE Coastline’s Core Purpose is to improve the financial well-being of our members. Our Core Purpose and Values came to the forefront during the advent of the COVID-19 pandemic. Our number one priority is the health, safety and wellbeing of our members, staff and the communities in which we operate in. As the pandemic broke, we implemented preventive measures such as staff travel restrictions and supplementary cleaning in our branches and offices to ensure we provide a safe environment for both staff and members. We have supported our members hit hardest by the COVID-19 pandemic through our loan hardship assistance package which gave members
8
Coastline year in review 2019/20.
VANESSA MCNEILLY
loan repayment relief. We contacted our
BUSINESS HIGHLIGHTS
most at-risk members to check on their
Coastline’s customer centric banking strategy continues to deliver exceptional results. We achieved strong growth and record profitability over the past 5 years and this year was no exception.
well-being, with our calls and messages being well received. Our staff responded magnificently during this difficult period. We were able to operate our branch network and introduce remote workforce capability for our back-office staff. This change highlighted opportunities for Coastline as we redesigned how we worked together,
Our staff responded magnificently during this difficult period. We were able to operate our branch network and introduce remote workforce capability for our back-office staff.
learned new skills and ways to connect and communicate throughout the organisation. With the introduction of new technology, we were able to keep in touch with our staff regularly on business performance and on the impact that COVID-19 is having on our business and the community.
500 by 2020 – In 2015 we set a corporate strategic objective of reaching $500 million in Loans by 2020. The $500 million milestone was achieved on 23 July 2020. Membership - 1,732 new members joined Coastline during the last financial year which has seen our membership grow to 17,802 (Industry leader).
Operating Profit - Our profit before tax for the year was $4.345 million and our profit after tax was $3.121 million which represents a return on assets of 0.54%. Lending - Our loan book achieved strong growth of $49.8million an increase of 11.2% to close at $495 million. During
