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Challenger Mortgage Management today revealed a net income of $85 million for the six months ending 31 December 2007 – an increase of 18 per cent from the corresponding period last year.
Earnings before tax also rose by 21 per cent to $52 million for the six month period; residential mortgages under management increased by eight per cent to $20.2 billion. Challenger said growth in residential mortgages had slowed due to constrained term funding markets.
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Commercial mortgages under management also grew by 11 per cent to $3.1 billion.
Challenger said its margins on mortgages had reduced in the current market conditions, but only on new originations. Its outlook for the second part of the year remains positive.
Published: 25-02-08
