Homeloans Ltd today announced a half year net profit of $2.269 million, an increase of 230 per cent on the restated prior corresponding period.
The lender's managing director Brian Jones attributed the strong results to the strengthening of distribution, staff and networks over the past few years.
“Homeloans Ltd has significantly increased its distribution network through acquisition and reinforcing its position as a leading supporter of the third-party channel,” Mr Jones said.
“The increased revenue, with a lower increase in the operating cost base, again demonstrates the leverage ability and scale benefits that our business model possesses.”
Mr Jones also said the results are a strong endorsement of the lender’s stability considering the impact of recent market volatility on other lenders.
With funds exceeding $45 million on deposit, Homeloans Ltd said it is well positioned to capitalise on consolidation opportunities as they arise.
“We’ve already seen consolidation across the non-bank lending and mortgage broking sector and this looks set to accelerate over the course of the year,” said Jones.
“While we will continue to focus on organic growth over the coming period, we will also look closely at opportunities that correspond with our growth and distribution plans as they arise.”
Homeloans Ltd’s mortgages under management now exceed $6 billion.
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