Powered by MOMENTUM MEDIA
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.

RHG announces half year profit result

Staff Reporter 1 minute read

RHG Limited yesterday announced a half year profit of $22.6 million. Consolidated profit after income tax for the group was $113.8 million, which included a profit of $103.3 million after tax from last year’s sale of the RAMS brand and origination business to Westpac.

RHG chief executive Glenn Goddard said RHG’s mortgages continued to perform in line with expectations, with arrears in line with market peers.

He also said RHG had repaid its $6.17 billion extendible commercial program in full.

“RHG has $8.6 billion of warehouse facilities due to roll this calendar year. While RHG has commercial expectations that these will be rolled, there remains uncertainty in the market,” Mr Goddard said.

Mr Goddard said the RHG Board would not be declaring a dividend for the period with the $13.4 billion mortgage book now closed and in run-off.

Advertisement
Advertisement

“RHG will continue to manage and service its mortgage book and the profits of the business will reduce over time in line with that rundown,” Mr Goddard said.

“After meeting liabilities, the directors’ future intention is to return all excess cash generated in wind down to shareholders.”

Published: 27-02-08

RHG announces half year profit result
default
TheAdviser logo
default
more from the adviser
first home buyers ta Brokers wrote half of FHLDS loans

The latest figures for the FHLDS suggest that brokers assisted in...

percent arrow down ta Low repayment loan for brokers launches

Specialist lender TrailBlazer Finance has launched a new low repa...

handshake contract ta PLAN bolsters lending panel

The aggregator has announced the addition of Better Choice Home L...

FROM THE WEB