A few minutes with the QBANK CFO

As another financial year passes, we reflect on the journey we have encountered. Australia has been through some turbulent times of late, with floods, bushfires and now the ongoing COVID-19 pandemic.  All these events have called on strong leadership, guidance, and support. 

We have witnessed tremendous resilience and understanding, as an organisation, to manage the challenges that have prevailed throughout this year. Ensuring that the priority of members, staff and community remained at the forefront of every decision.

To provide a further understanding of their roles, and an insight into the person behind the responsibilities, QBANK presents the first in a series of interviews with members of our leadership team.



Chief Financial Officer (CFO) Kelly Smith joined QBANK in 2011 as the Finance Manager, later being appointed to her current role in 2019. Kelly is responsible for the accounting and treasury functions of the bank and maintaining the integrity of financial information, with a keen focus on ensuring a strong and sustainable business for members.


What can you tell us about QBANK’s current financial position?

This year has seen the bank’s capital remain at strong levels and well above prudential requirements. The bank has achieved a sustainable profit outcome for the year given the challenging circumstances we saw in the second half from the COVID-19 pandemic impacts on the economy. There continues to be a strong strategic focus on achieving efficiencies in the way we do business to ensure the bank is sustainable into the future and able to deliver the best product, services and experience to members. Through the pandemic, liquidity levels have been actively managed to strengthen the balance sheet position and ensure resilience through any disruptions that may come from the uncertainty in the economy at the moment. There was modest balance sheet growth last financial year which is consistent with system growth.

What does QBANK want to achieve in the year ahead?

The coming year will likely see some uncertain and challenging times for the economy. However, the bank is well positioned to be successful through this period, with sound balance sheet and capital levels, and strong capabilities to respond to any changes in the environment. The focus for the bank will be to ensure we can be there to support our members through this time, continue to be a sustainable financial institution into the future, and to continue to deliver competitive products and services to support member financial needs.

Have any projects been implemented to maintain the financial security/strength of the bank?

QBANK has robust governance and control structures to ensure integrity of the bank’s financial information and financial management. Through audit review and our focus on continuous improvement, our financial management practices are reviewed and refined on an ongoing basis.

Through the COVID-19 crisis we undertook a large increase to the bank’s internal securitisation vehicle. The senior notes in the trust are eligible for repurchase by the Reserve Bank of Australia, and it provides QBANK with greater support and security against potential future liquidity risks that might be faced.