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Lender

Lender promises new businesses after posting 'strong result'

by Nick Bendel5 minute read
The Adviser

Liberty Financial has reported increased pre-tax profits and revenues for the past financial year.

The non-bank lender reported a pre-tax profit of $60.6 million for the 12 months to 30 June 2014.

That marked a 19.5 per cent increase on the previous financial year; the after-tax result was not disclosed.

Revenue climbed 3.5 per cent to $249.1 million, while the group's expenses fell 0.8 per cent to $188.5 million.

 
 

Liberty's net assets grew 9.5 per cent to $337.1 million.

Chief financial officer Peter Riedel said Liberty had delivered a "strong result" that underscores the benefits of its diversified business model.

"The continued reinvestment of profits strengthens our capital position and puts us in great shape to continue growing our business to support our valued business partners and customers," he said.

Liberty said it had established more than $2 billion in funding capacity for 2015 to support its existing businesses as well as new businesses that are to be launched.

[Related: Liberty Financial moves into insurance]

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