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ISCOVER
Staff Reporter
Heritage Bank’s decision to increase its broker footprint has helped the lender deliver a 30 per cent jump in pre-tax profit.
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Yesterday, Heritage Bank announced its pre-tax profit had jumped 32.5 per cent in the six months to December 31.
In addition, the lender managed to grow its loan approvals by 41.5 per cent – from $568.94 million in the six months to 31 December 2011 to $804.94 million this year.
Chief executive officer John Minz said while the increase could be attributed to a number of factors, the lender’s decision to increase its broker footprint had significantly helped the bank.
“In early 2012, we expanded our mortgage broker network into Western Australia, Tasmania and the Northern Territory to give us nationwide coverage. We have quickly gained a firm foothold in those markets,” he said.
“In addition, we launched a new discount variable lending product with an extremely competitive rate that proved exceptionally popular, and there were market conditions in the corresponding period in 2011 that negatively affected lending.
“Our ability to be flexible and act quickly in response to market conditions is another factor that enables us to perform consistently well in attracting and retaining investors.”
