Credit union posts $2.7m profit amidst economic woes
Posted
Victoria's largest regionally-based credit union is faring well, despite global financial troubles.
The Regional One Credit Union has posted a pre-tax profit of $2.7 million for the past financial year similar to the previous year.
The chief executive, Tim Fidler, says there has been a surprising 8 per cent increase in deposits.
He says people are looking for safe options for their money.
"The loan side has slowed up a little bit, but that'll turn around eventually but deposits have been very strong and we've been quite surprised at the amount of deposits," he said.
"I think that's just people wanting to hang on to their money and cash and just see how this is going to pan out."
