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Homeloans profit announced amid tough market conditions

Staff Reporter 1 minute read

Homeloans Ltd has reported a net profit after tax for the half year ending 31 December 2008 of 2.61 million – up 15 per cent on the previous corresponding period.

The result reflected an increase in net interest income of 3 per cent to $7.8 million and a hike in net fee and commission income of 6 per cent to $6.2 million, the lender said.

Total revenues grew by 3 per cent to $59.2 million while operating expenses (excluding loan loss provisioning) reduced by 20 per cent to $8.6 million.

While loan originations for the group had decreased verses prior periods, it had maintained access to a diversified wholesale funding base – which enabled it to continue to focus on maximising new loan originations during tough market conditions, executive chairman Tim Holmes said.

 

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Homeloans profit announced amid tough market conditions
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