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BNK’s loan book grows past $200m

by Ezekiel MacNevin4 minute read
Simon Lyons

The rebranded publicly listed bank has announced surpassing $200 million in loans since inception.

BNK Banking Corporation (previously Goldfields Money) has announced that its loan portfolio has grown past $200 million.

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Simon Lyons, managing director of BNK, said: “Year to date settlements of $51 million have already surpassed last year’s settlements of $46 million.”

“With the initial focus on merger integration now largely complete and Finsure loan writers at record numbers, BNK is well positioned to continue building market share as one of Australia’s newest challenger banks,” Mr Lyons said.

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According to the managing director, one of the benefits of BNK working with brokers nationally is geographic portfolio diversification, with the bank reportedly making loan settlements outside of Western Australia.

“The surprise federal election win by the Coalition is likely to ensure that the mortgage broking and aggregation market remains strong,” Mr Lyons said.

“This certainly helps smaller banks like us to compete with the larger banks in this country, offering real choice for consumers. It is a good time to be a small bank in Australia.”

Key focus areas for BNK for the rest of the final quarter of FY19 will reportedly include settlement and conversion of its mortgage application pipeline and “improving its capital efficiency” as it “diversifies its funding sources”, which includes its off-balance-sheet facilities.

Surpassing the $200 million dollar target comes after BNK Banking Corporation released its financial results for the third quarter ending 31 March 2019, reporting a total loan book of $38.4 billion, up 20 per cent when compared to the previous corresponding period.

The group’s banking division posted on-balance-sheet settlement growth of $18.7 million via its retail bank (Goldfields Money) and $123.2 million via its wholesale lending division (partly distributed via Better Choice Home Loans), up 8 per cent and 30 per cent, respectively, over the same period.

BNK’s on-balance-sheet retail lending book totalled $190 million as at 31 March 2019, while its wholesale lending portfolio increased to $2.3 billion.

[Related: New banking group appoints former ING CEO to board]

BNK’s loan book grows past $200m
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Ezekiel MacNevin

Ezekiel MacNevin

AUTHOR

Ezekiel is a journalist on the mortgages, property investment and wellness titles at Momentum Media. 

Before joining the team in 2019, he was a freelance journalist for Vice Australia, Pulse Radio and the Sydney-based travel publication Global Hobo, among others. 

Ezekiel studies a double Bachelor of Communications and International Studies at the University of Technology, Sydney.

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