Mixed results fail to dampen spirits

by Caroline Dann27 Aug 2012

Mortgage manager Homeloans Limited has announced mixed results for the financial year, although it remains optimistic in the face of “a subdued economic environment and a highly competitive market.”

Normalised net profit after tax was down from 2011’s $8.1m to $8m in 2012.
Its statutory net profit (after tax) was down to $8.1m, a drop from 2011’s $9.2m.
On a positive note, it grew its own branded loan book by 6.3% over the year.
“These results are in line with expectations and are encouraging in what was a tough market,” said Homeloans’ executive chairman Tim Holmes.
Homeloans also recently acquired Refund Home Loans, which meant it could access trail income and expense rights to Refund’s $1.9m loan book. 
It also resulted in the acquisition of Refund’s 54 brokers.
“It enhances our broker network by almost 80 per cent around Australia – particularly on the eastern seaboard. In turn, this will significantly expand Homeloans’ branded distribution,” said Holmes.