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Firstfolio’s mortgage portfolio has grown to $12 billion in the year to 30 June 2009 – an increase of 50 per cent.
According to the company’s chief executive officer, Mark Forsyth, acquisitions and organic growth were the two main reasons behind the company’s large mortgage portfolio.
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“As the last remaining, truly independent non – bank listed entity in Australia, we are in a unique position to continue to pursue well-managed mortgage operations that offer long term value for shareholders,” Mr Forsyth said.
“We have navigated the business conditions of the past 12 months to emerge fitter and healthier, with a renewed appetite for growth within our mortgage platform, and to explore new products in the areas of insurance.”
The company also reported a before tax net profit of $3.27 million for the financial year.
The profit represents a $4.37 million turnaround for the company who last year posted a net loss of $1.1 million.
According to an Australian Securities Exchange announcement, the profit turnaround was driven by double digit revenue growth and improved yield management and cost reductions.
