the planet Achieving scale through organic growth and mergersEnsuring supply chain/
Growth is an integral part of our Strategic Plan, so we can serve more people and increase the opportunity to positively affect our customers, staff, communities and the environment. Our growth target is to reach $5 billion in assets by 2018.
bankmecu’s assets grew by 6.1% to $3,230.1 million in 2014, largely driven by growth in deposits (5.2%) and loans (5.1%). In both instances, growth was above forecast budget growth of 4%. However, our asset growth was not as strong as the average for the domestic banking industry (6.7%). Similarly, our deposits and loans growth rates were below the system growth for the domestic banking industry (6.7% and 6.1% respectively).
bankmecu’s profits belong to our customers. We help build their wealth by retaining profits as capital reserves. Overall, our capital reserves rose 9.0% to $377.2 million in 2014, or $2,967.5 per customer.
Strong reserves and capital adequacy ratios (2014: 20.53%) further demonstrate our financial strength. We exceeded the budget in both cases, as well as the domestic banking industry average capital adequacy ratio, which was 12.7% in March 2014.