B Corp certification is an independent endorsement for businesses that meet high standards of social and environmental performance, accountability and transparency.

People First Bank is one of fewer than 60 banks worldwide to hold this recognition.

CEO Steve Laidlaw said the re-certification was a strong signal of the bank’s ongoing progress as a purpose-led organisation.

“This recognition confirms that we are delivering real impact through our environmental, social and governance programs – from reducing emissions to volunteering in our communities,” Mr Laidlaw said.

“For 150 years, our focus has been on supporting people and communities. Today, B Corp recertification shows how that long tradition continues in the way we operate and the commitments we are making for the future.”

Looking ahead, the bank’s focus includes a new Voice of Customer program, launching additional green products, expanding its Good Squad employee volunteering initiative, delivering on climate commitments and advancing its Innovate Reconciliation Action Plan.

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Steve Laidlaw

People First Bank has reported another year of strong results for the year ending 30 June 2025, achieving solid growth across lending, deposits and customers while advancing major technology and community initiatives.

Financial highlights for 2024-25 include:

• Net profit after tax of $44.1 million, up 7% from $41.4 million.
• Total loans and advances of $21.1 billion, up 4% from $20.3 billion.
• Retail deposits of $20.1 billion, up 6% from $19.0 billion.
• Total assets of $25.3 billion, up 3% from $24.5 billion.
• Total capital ratio grew to 17.5%, up from 15.5%in the 12 months to June 2025.

CEO Steve Laidlaw said the results highlight both strong performance and future direction.

“These results show that we are delivering for customers while building for the future. By combining a clear purpose with technology investment, People First Bank is well placed to grow as a strong and sustainable customer-focused bank.”

Digital at the heart of better banking

The bank advanced major technology programs during the year, with final piloting of its new mobile and internet banking platforms underway ahead of launch next year, alongside a redesigned website. Upgrades to lending systems are also making it simpler and faster for customers to buy a home.

Partnering with globally recognised providers including Backbase, Salesforce, Simpology and Fiserv, the bank is building a best-of-breed suite of cloud-based platforms that will deliver outstanding digital experiences and security, while enabling the use of innovations such as AI.

“We are investing in platforms that will give customers a simple, secure, world-class banking experience,” Mr Laidlaw said. “These investments also make us more adaptable to a rapidly changing market.”

Thirty-four branches were refreshed with the People First Bank brand during the year, with only three People’s Choice sites still to be updated before the rebrand of Heritage branches begins in 2026. Smart ATMs were also introduced across the network.

Product enhancements included more flexible home loan features, expanded green car loan options and People First Bank’s first general insurance offering.

Customer advocacy remained a strength, with People First Bank welcoming 45,000 new customers and recording a Net Promoter Score of +31 over the past six months – almost three times the industry average.

Keeping customers safe

People First Bank strengthened its defences against scams and fraud through a new Anti-Scam Strategy, supported by specialist staff and new technology. Its Scams Hotline helped prevent 480 scams and protected almost $13 million of customer funds, while its Security Operations Centre continued 24/7 cyber monitoring.

Support for customers experiencing vulnerability also grew, with capped fees, a safety net for government benefit recipients and new protections for those at risk of financial abuse.

Backing communities and sustainability

People First Bank contributed $8.8 million in community support nationwide through its Foundation, Community Lottery, local partnerships, and community branches.

The bank launched its Innovate Reconciliation Action Plan and almost doubled employee volunteering through its Good Squad program.

Progress also continued on the new Toowoomba head office, with demolition completed at the Ruthven Street site and a development application lodged with Council.

The bank remained carbon neutral for the fourth year, sourced more than half of its energy from renewables, and had its emissions targets validated by the Science Based Targets initiative. People First Bank also achieved B Corp re-certification, extending this globally recognised accreditation for a further three years.

Looking to the future

Mr Laidlaw said the year carried historic significance as People First Bank marked its 150th anniversary.

“This year we made strong progress. While we celebrated our history, our focus is firmly on the future – building the very best digital banking capabilities, and supporting our customers, communities, employees, and the environment.

“These are the foundations that will ensure our success as a modern, purpose-driven bank that Australians can rely on for generations to come.”

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The bank’s targets have been officially validated by the Science Based Targets initiative (SBTi), a global authority that defines best practice in target-setting and independently assesses emissions reduction programs.

“This is about doing our part – with a clear, science-backed path to cut our emissions and support Australia’s shift to a low-carbon economy,” said People First Bank CEO, Steve Laidlaw.

“For any plan to make a real difference, it needs to be grounded in science with rigorous monitoring and accountability. That is why we are working with the SBTi: to ensure our actions deliver measurable results.

“As a customer-owned bank, we act in the long-term interests of our customers and communities. That means taking our environmental responsibility seriously and backing it with real action.”

People First Bank’s near-term targets include:

• 95% reduction in Scope 1 and Scope 2 emissions by 2030 (from FY23 baseline).
• 100% renewable electricity by 2030, up from 56% in FY23.
• 38% reduction in Scope 3 Financed Emissions (mortgage portfolio) per square metre by 2030, from FY24 baseline.

To achieve these goals, People First Bank will take further action across the organisation, including:

• Expanding its range of green loans for energy-efficient home upgrades such as solar panels and battery storage.
• Improving energy efficiency across its branches and offices.
• Transitioning its fleet from hybrid to fully electric vehicles.
• Securing renewable energy for all sites, including those in currently underserved areas.
• Working with industry to help decarbonise the real estate sector.

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Steve Laidlaw

Two years on from the successful merger that created Australia’s largest customer-owned bank, People First Bank is celebrating strong growth and major investment in digital transformation to deliver simpler, smarter banking for its customers.

Formed in March 2023 through the merger of Heritage Bank and People’s Choice Credit Union, People First Bank has grown into one of Australia’s most trusted banks, with more than 700,000 customers, approximately $25.5 billion in total assets, and a clear purpose: to create positive change through banking.

“At a time when many Australians are looking for something better from their bank, we are proud to be delivering a real, customer-owned alternative – one that prioritises people and communities,” CEO Steve Laidlaw said.

“Over the past two years, we have made strong progress in modernising our systems and simplifying our processes, while staying true to the values and culture that set us apart. “We have grown our customer base, lending and deposits, supported our people, and invested in the regions that helped build us.”

The bank is now accelerating a new phase of technology investment and innovation. A nextgeneration Mobile App and upgraded Internet Banking platform will launch in coming months, alongside a new lending system to make it easier and faster to access finance – online, over the phone or in person.

“These investments are only possible because of the scale and strength our merger has provided,” Mr Laidlaw said.

“We are building a world-class digital banking platform with the agility to evolve and meet future needs. This will create a simple, secure and innovative banking experience for our customers.”

Over the past two years, People First Bank has achieved:

• The launch of its new People First Bank brand, now well advanced in its national rollout.
• Expansion of 24/7 call centre service nationally.
• Establishment of a dedicated scams hotline and enhanced fraud support.
• Broadening of Saturday trading in selected sites to better support customer needs.
• Investment in community and environmental programs, including $9.3 million in community funding in the past year alone.
• Employer of Choice recognition and carbon neutral certification.
• A new ‘Innovate’ Reconciliation Action Plan.

As a customer-owned bank, People First Bank remains one of Australia’s most trusted financial institutions. Its most recent net promoter score – a key independent measure of trust and advocacy – was 42, well above the industry average.

People First Bank is also celebrating 150 years since its founding in 1875 as the Toowoomba Permanent Building and Investment Society.

This year marks 150 years since our founding as a purpose-driven alternative to the major banks,” Mr Laidlaw said.

“That founding principle remains as true today as ever. We are building a modern, customerfocused bank with deep community roots – and a long-term vision to match.”

Demonstrating its enduring commitment to Toowoomba, People First Bank is advancing plans for a new five-storey head office in the city’s CBD. The development, led by local firm FKG Group, will open in late 2027.

The new building will house up to 400 employees and offer a modern, flexible workspace designed to attract top talent, support customers and serve the community.

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By taking these financial precautions, you can reduce stress and focus on recovery if disaster strikes.

As temperatures rise, Australians are bracing for potential disasters – from bushfires in the south to cyclones in the north.

While most preparations focus on ensuring personal safety and protecting property, taking proactive steps to safeguard your financial wellbeing is equally important.

Stuart Symons from People First Bank says preparation is key.

1. Check your home and contents insurance

“Double-checking your insurance details now can save you significant stress later. Ensure your coverage is adequate and up to date and note any recent changes to terms and conditions. Keep your insurer’s contact details in your phone or wallet so you can reach them quickly if needed.”

2. Secure important documents

“Organise your vital documents, such as medical records, bank details, wills, passports and IDs. Store physical copies in a waterproof and safe location, and back them up digitally by uploading scanned versions to your device or secure cloud storage. Easy access to these documents is critical during emergencies.”

3. Photograph your belongings

“Taking clear, recent photos of your belongings and property can streamline your insurance claims process. This step also helps if your property is damaged or looted after a disaster. Photographic evidence provides a clear record for insurers.”

4. Ensure access to funds

“In the aftermath of a disaster, you may need funds immediately for essentials like clothing or temporary accommodation. Carry your credit and debit cards, as they’re waterproof, and keep a small amount of cash for situations where electronic payments might not work due to power outages. Remember to keep all your receipts.”

5. Protect your income

“For those who are self-employed or work from home, a natural disaster can disrupt your ability to earn. Plan ahead by identifying key documents, backup locations for work and essential equipment. Having a recovery strategy will help you return to work on your terms.”

By taking these financial precautions, you can reduce stress and focus on recovery if disaster strikes. Preparing now can make all the difference later.

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Steve Laidlaw to succeed Peter Lock as CEO

Steve Laidlaw, Deputy CEO, will succeed Peter Lock as CEO on 1 July 2024, allowing for a smooth transition in line with our merger commitments and coinciding with the start of the new financial year.

Before the merger, Mr Laidlaw was Managing Director and CEO of People’s Choice, a position he held since 2016.

Mr Lock will retire from People First Bank on 31 August 2024 after nearly nine years leading the organisation and Heritage Bank. The business is performing well, and the integration is ahead of expectations.

“These changes reflect our merger commitments to ensure a smooth transition through the merger of Heritage Bank and People’s Choice and now the creation of People First Bank,” said Chairman, Michael Cameron.

“I extend my gratitude to Peter for his leadership and dedication to our members as our inaugural CEO. Peter leaves People First Bank with a strong balance sheet, deposit and lending growth that is outperforming the market, high customer satisfaction and a clear plan for the future.

“I congratulate Steve on his appointment and am excited about the future under his leadership.”

Retirement of Directors

In accordance with the company’s Constitution that was approved as part of the merger, the Board will be reducing in size from twelve to eight directors.

Kerry Betros AM and Georgina Williams will retire at this year’s AGM on 14 November 2024, with two more directors retiring at next year’s AGM.

“Kerry has been synonymous with our organisation for over 30 years, joining as a Director of Heritage Bank in 1991 before being appointed Chairman in 2012 and Deputy Chairman of People First Bank last year. His commitment to our bank, to the values of mutuality and to the communities of South East Queensland have been outstanding,” said Mr Cameron.

“Georgina has been a Board member since 2021 and has played a valuable role in the company’s success.”

“I thank Peter, Kerry and Georgina for their contribution and welcome Steve as the new CEO.”

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