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ISCOVER
Staff Reporter
A sale and an acquisition have helped one of Australia’s non-bank lenders to grow its net profit after tax by a sizeable $1.2 million.
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Yesterday, Homeloans announced it had recorded a half-yearly net profit after tax result of $5.0 million.
In addition, the lender managed to increase its lending volumes by 7.8 per cent.
Homeloans chairman Tim Holmes said the increase in profit could be attributed to the sale of aggregator nMB to Aussie, while the growth in lending volumes was due partly to the acquisition of Refund Home Loans.
“Homeloans’ first half result was bolstered by one-off profit from the sale to Aussie Home Loans of its 26.5 per cent stake in aggregator National Mortgage Brokers, which realised $1 million profit after tax,” he said.
Homeloans was the only ASX-listed investor in nMB, and its relationship with nMB – as an aggregator for third party broker sales – continues following the sale, which was finalised in July 2012.
After allowing for this one-off injection of funds, Homeloans’ normalised result was up on the six months to 31 December 2012. Homeloans also benefited from the addition of brokers to its network, as a result of the acquisition of certain assets of the former Refund Home Loans Pty Ltd (Administrators Appointed) in June 2012.
“We have completed the integration of the Refund Home Loan brokers, and sales through this channel are progressing well,” Mr Holmes said.
“It is particularly pleasing that we have been able to continue growing our volumes, particularly at a time when housing credit growth rates have remained at record lows and the competition for mortgage lending has further intensified.”
