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Firstfolio’s mortgage portfolio up 50pc

Staff Reporter 3 minute read

Firstfolio’s mortgage portfolio has grown to $12 billion in the year to 30 June 2009 – an increase of 50 per cent.

According to the company’s chief executive officer, Mark Forsyth, acquisitions and organic growth were the two main reasons behind the company’s large mortgage portfolio.

“As the last remaining, truly independent non – bank listed entity in Australia, we are in a unique position to continue to pursue well-managed mortgage operations that offer long term value for shareholders,” Mr Forsyth said.

“We have navigated the business conditions of the past 12 months to emerge fitter and healthier, with a renewed appetite for growth within our mortgage platform, and to explore new products in the areas of insurance.”

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The company also reported a before tax net profit of $3.27 million for the financial year.

The profit represents a $4.37 million turnaround for the company who last year posted a net loss of $1.1 million.

According to an Australian Securities Exchange announcement, the profit turnaround was driven by double digit revenue growth and improved yield management and cost reductions.

Firstfolio’s mortgage portfolio up 50pc
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