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.