The 2023 financial year was another significant one in the Bendigo Bank Narrandera branch (Narrandera District Investments) history of the company, both operationally and financially.

Chairman Jack Langley said the year ended 2023 saw a substantial rise in margins due to increased rates.

“The rise in both lending and deposit margins led to a significant increase in our gross profit, and ultimately net profit as provided in the financial statements,” he said.

“While our profits significantly increased in the financial year, both our loan and deposit books have seen a slight decrease with loan repayments increasing given the rise in interest rates. Nevertheless, our gross profit exceeded $1.34 million, resulting in a net profit of $338,864,” he said.

Over the course of the financial year, the Company continued its commitment to the community through grants and donations. The Company provided funding to the Narrandera Tennis Club, Rotary Club of Narrandera, Barellan Masters Games, the Nurrungdera Festival, the Narrandera Race Club, the Ardlethan Country Music Festival, the Narrandera Rodeo, the Narrandera Garden Club, Fusion and Narrandera High School.

The sponsorships, grants and donations made in the financial year exceeded $65,000 and the Company continued to support and foster relationships with community groups through new funding and sponsorship requests.

“As part of the Company’s strategic planning, community investment remains one of our core components when determining the future success of the company,” Mr Langley said.

Branch highlights included the relocation of the branch to the company-owned premises, a significant reduction in overhead costs and the larger floor area saw far greater customer satisfaction.

“With the heightened fear of rural banking closures by other financial institutions, our focus remains in providing a ‘brick and mortar’ experience with our customers who wish to bank in-person,” Mr Langley said.

“While we have had a period of high employee turnover, the company is excited in confirming we have returned to our full staffing level.”

At the end of the financial year, the company employed Sue Limbrick as the new Branch Manager and under her leadership, the Company looks forward to continuing the implementation of strong customer service.

The Board thanked the previous Branch Manager Janelle Broadhead for her commitment to the branch and her success in ensuring the branch met compliance requirements.

Local Amy Buchanan recently accepted the role of Customer Relationship Manager and will be the point of contact for all customers looking for lending products and support.

Both Sue and Amy join the branch with existing staff members Rebecca Hanby as Customer Relationship Officer and Rhiannon French as Customer Service Officer.

“The Board sincerely thank our staff for their tireless dedication to the Branch and especially our customers.”

At the Board level, Julie Mulholland resigned from her position as Director. The Board thanked Julie for her dedication to the Company and her focus on long term development through strategic planning.

Sue Foley stepped down as Chair of the Board following the previous three financial years and the Board appointed Joy Rollason of CB Virtual Solutions as Company Secretary.

“I further wish to thank our hard-working and dedicated Directors who work in delivering our strategic vision for the future viability of the Company. I especially thank Sue Foley for her unwavering dedication to the Company for the past three years as Chair,” Mr Langley said. 

This article appeared in the Narrandera Argus, 9 November 2023.