People First Bank achieves strong growth as major banking transformation takes shape

People First Bank has reported strong financial results for 2025–26, with growth in lending, deposits and customers alongside the launch of its new digital banking platforms.

The year marked a major milestone in the bank’s multi-year transformation, with customers beginning to benefit from significant investment in technology, simpler products and improved services.

Financial highlights for 2025–26 include:

• Net profit after tax of $48.7 million, up 10% from $44.1 million.
• Total loans and advances of $22.8 billion, up 8% from $21.1 billion.
• Retail deposits of $20.7 billion, up 3% from $20.1 billion.
• Total assets of $27.1 billion, up 7% from $25.3 billion.
• Total capital ratio of 17.75%, up from 17.51%.
• More than 36,000 new customers.

CEO Steve Laidlaw said the results reflected a significant year for the customer-owned bank and the progress made since the merger.

“We have delivered strong results while making some of the biggest improvements to our banking services in years,” Mr Laidlaw said.

“More than 36,000 new customers joined us and we helped nearly 15,000 Australians buy a home, including more than 800 first home buyers. As a customer-owned bank our profit gives us the capacity to keep investing in better banking for our customers and in the communities we serve.”

Major improvements to customer banking

The bank launched its new People First Bank App and online banking platforms, alongside a new website and a simpler product range, making it easier for customers to join and manage their money.

It also improved lending processes and technology, installed Smart ATMs at every branch and enhanced its 24/7 Customer Hub.

“Our customers expect banking to be simple and secure. These new platforms are a major step forward in delivering that and allow us to keep improving as their needs change,” Mr Laidlaw said.

Customer advocacy remained strong, with a Net Promoter Score averaging +28 in the six months to 30 June, compared with an industry average of +15.

The bank also progressed its transition to a single national brand. All former People’s Choice branches now carry the People First Bank name, with Heritage Bank branches expected to complete their transition by mid-2027.

Keeping customers safe

People First Bank strengthened its defences against scams and financial crime, enhancing its dedicated Financial Crimes division and introducing more advanced detection technology.

Its 24/7 scams hotline received more than 10,400 calls during the year, providing customers with specialist support to identify and respond to suspicious activity.

The bank also continued investing in cyber security and developing the skills, governance and controls needed to use emerging technologies, including AI, safely and effectively.

Supporting communities and sustainability

People First Bank generated $9.3 million to communities through its Foundation, Community Lottery, local partnerships and Community Branches.

The Foundation provided $500,000 to 42 charities, while more than 600 not-for-profit groups have joined the 2026 Community Lottery, with the opportunity to collectively raise up to $1.1 million.

Employee volunteering increased by 33%, with more than 2,700 hours contributed to community organisations. The bank also strengthened its dedicated First Nations Helpdesk as part of its Innovate Reconciliation Action Plan.

People First Bank also maintained carbon neutral certification, reduced its use of fuel, air travel and paper, and achieved B Corp recertification for a further three years, placing it among fewer than 60 banks worldwide with the accreditation.

Building for the future

Mr Laidlaw said the bank was entering its next phase, with a focus on building on its technology investment.

“Over the coming year, we will continue improving our digital banking and lending services, progress our transition to one national brand and strengthen our protection against scams and cybercrime,” he said.

“We have built a strong foundation over the past three years. Our focus now is on making the most of that investment, continuing to grow sustainably and delivering on our purpose as a customer-owned bank.”