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The lender’s parent company has reported accelerated growth for its loan book in its financial year 2023 results.
MA Financial Group Limited (MA Financial) has reported in its financial results for the 12 months to 31 December 2023 that its mortgage lending arm MA Money has seen loan book growth of 244 per cent to $829 million on FY22.
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Loan book growth for MA Financial itself grew 150 per cent on FY22 to $983 million, primarily driven by the accelerating growth of MA Money following the launch of its new product set earlier in the year.
Additionally, MA Financial reported that aggregator Finsure has recorded growth in its managed loans by 21 per cent on FY22, reaching $110 billion.
Furthermore, the aggregator previously reported (14 February) an increase in settlements for its broker network by 27 per cent during this period.
Over the 12 months to December, Finsure added approximately 500 net new brokers to its platform, which now services 3,129 brokers as it continues to grow its market share. This has represented a 19 per cent increase in its broker network, with lodgements lifting by 14 per cent.
December was also a “record month” for the aggregator, with $4.5 billion of loan settlements.
MA Financial joint chief executives Julian Biggins and Chris Wyke stated they were pleased with the “strong underlying momentum being experienced across the business”.
“MA Financial now manages in excess of $110 billion in loans alongside our $9.2 billion in assets under management,” they said.
“Finsure’s managed loans and MA Money’s loan book all demonstrated accelerating growth over the year. This positions the business well for strong earnings growth in the years ahead.”
Mr Biggins and Mr Wyke added that the company continues to see the benefits of its diversified business model despite the “challenging economic backdrop”.
“We continued to strategically invest during FY23 in building several highly scalable business platforms in Australia and offshore that will help us to deliver on our significant growth ambitions over the medium term,” they said.
Commenting on Finsure’s performance over FY23, CEO Simon Bednar said the growth has been “incredible” across all facets of the business with its loan book.
“This has simply been incredible growth for Finsure during 2023,” Mr Bednar said.
“The foundation for this growth has been our diversified lending panel, with commercial and asset brokers enhancing our already-strong mortgage broker family.”
[RELATED: Finsure reports 27% growth in settlements]
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