Login
ISCOVER
Belinda Luc
Homeloans Ltd has announced a record statutory net profit after tax of $12.3 million for the year ended 30 June 2010 – a 71 per cent increase since the 2009 financial year.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Homeloans executive chairman Tim Holmes said the result reflected the company’s strong market positioning.
“The group has continued to provide a superior service level proposition and was able to support this with an improved product offering during the period,” he said.
“This was a key driver of our ability to generate increased origination activity during the period.”
“We have also developed more effective distribution channels and continued to benefit from a diversified wholesale lending base.”
According to Mr Holmes, a recovery in the housing and credit markets had presented growth opportunities for the company, which will continue to be positive indicators looking forward.
“The company is well placed to continue this momentum over the next 12 months,” he said.
Mr Holmes said an increase in Homeloans’ lending volumes, supported by an improved mortgage market, resulted in a 36 per cent increase in net fee and commission income to $14.6m
Despite the growth in lending volumes, operating expenses (excluding loan loss provisioning) remained stable at $17.3 million over the 2010 financial year.
