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The diversified mortgage business has closed the 2020 financial year with an increase in home loan settlements.
Yellow Brick Road (YBR) has released its results for the fourth quarter of the 2020 financial year (4Q20), reporting a 5 per cent increase in settlements to $3 billion.
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The increase in volumes contributed to 0.4 per cent growth in its portfolio, which rose by approximately $100 million to $50.2 billion.
Settlement growth was reported alongside an increase in YBR’s cash balance, which rose to $11.3 million, up from $8.6 million in the previous quarter.
The group’s net cash flow from continuing operations returned to positive territory, up from -$100,000 in 3Q20 to $2.7 million.
According to YBR, the improvement reflected an increase in net receipts, a reduction in operating expenses due to “tight expense management”, and the deferment of $1.1 million in payroll tax payments as part of the government’s COVID-19 stimulus measures.
The result also reflects proceeds from the sale of YBR’s wealth business and the sale of its 50 per cent stake in Smarter Money Investments.
The 4Q20 results mark the first release since YBR’s chief operations officer Stephen McKenzie assumed the role of chief financial officer.
Mr McKenzie joined YBR in December 2018 as general manager, operations, before assuming the role of COO in August 2019.
Prior to joining YBR, Mr McKenzie held a number of managerial roles at Aussie Home Loans over a period of almost 12 years, including a stint as head of finance from 2007 to 2012.
[Related: YBR appoints new CFO]
