Judo says it will get its cost-to-income ratio to 30 per cent, from around 58 per cent, as it builds a bank for the modern era.
Judo Bank promised to drive its costs considerably lower than its big bank competitors where blowouts continue to weigh on earnings, aiming to halve its cost-to-income ratio as it grows its loan book.
As National Australia Bank and ANZ Bank prepare to unveil results later this week, Ms Frazier said costs would remain under the spotlight. “We need to spend less on regulatory compliance because we have no large remediation programs and nor do we have the product complexity seen at the majors. Simplicity is Judo’s friend and that drives us to be able to achieve the CTI approaching 30 per cent,” Ms Frazier said.
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