Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Liberty optimistic despite profit drop

Staff Reporter 3 minute read

Liberty financial has posted a 4 per cent fall in net profit to $35 million, but the non-bank lender has said it is still cautiously optimistic about the outlook as it diversifies its operating income.

The non-bank lender has recently moved into new areas of business to offset the effects of the global financial crisis.

According to the company’s managing director Sherman Ma, Liberty has branched into invoice finance, car loans and auto dealer floor plan financing.

Traditionally, the non-bank lender draws approximately 50 per cent of its revenue from residential mortgages.

Advertisement
Advertisement

But since the onset of the global financial crisis, Liberty’s loan book fell from $3.2 billion to $2.5 billion, a drop Mr Ma attributes to less demand and higher provisions.

Mr Ma said the company’s ability to diversify had acted as a buffer to the downturn.

“We will continue our operational discipline and retain our profits, and expect that as the economy improves we will be particularly well positioned to increase our activities,” he said.

Liberty optimistic despite profit drop
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
Carolyn Murphy ta Teachers Mutual targets brokers in digital bank launch

Hiver, a new digital bank to be launched under Teachers Mutual, i...

mortgage money house Qld real estate body calls for stamp duty reform

The REIQ has slammed the Queensland government for failing to act...

Alexis Holloway ta Pallas Capital appoints senior credit manager

The non-bank lender has appointed a senior credit manager whose r...