North Burnett's very own bank banks a profit
NORTH Burnett's very own bank has announced its 2018 - 19 FY results, banking a small but growing profit.
Operating as the Mundubbera Community Bank Branch of Bendigo Bank, North Burnett Community Enterprises Limited has a full-service branch in Mundubbera and agencies with local businesses in Gayndah and Taroom.
Its profit was $48,691, up "substantially” on the previous financial year, chairman John Zahl, who is also a North Burnett councillor, said.
Mr Zahl said the board was "pleased” to see the business grow again this year, including returning a dividend of one per cent to its shareholders, many of whom reside locally.
"It was the commitment of those shareholders who originally invested in the business which has not only financially supported the community but employed local staff, provided three scholarships for local students and traineeships for school students,” Mr Zahl said.
All up, the company has donated more than $550,000 to local organisations and community groups since its founding in 2006.
Mr Zahl said the company is adapting to the changing nature of banking.
"More than 90 per cent of bank customers do not physically enter a branch,” he said.
"We have noticed a decline in customer visits; however, our branch has staff who reside locally and can assist our customers, whilst enabling them to use the latest in online banking services.”
The company's AGM will be held on Friday, November 15 at the Mundubbera Showgrounds.