Aggregator “materially outperformed” competition in FY19

by Madison Utley02 Sep 2019

Following the successful integration of three businesses, a banking group has shared its strong results for fiscal year 2019. 

BNK Banking Corporation delivered a net profit after tax of $3.6m after the merging of the staff, processes and products of BNK Bank, lender Better Choice and aggregator group Finsure.

BNK also reached a major milestone during June 2019, reaching $40.6bn in loans under management, an increase of 18.9% from FY18.

Aggregation business Finsure grew its number of loan writers by 16.7% on the previous year, increased settlements to $12.6bn and grew its market share to nearly 4%.

According to the report, “This performance materially outperformed system and ASX-listed peers.”

The business grew cash and liquidity holdings by 111% to $98m to position for FY20 growth.

BNK managing director Simon Lyons said the successful results were driven by the post-merger scale, market share gains and accelerating loan book growth.

“This result has been nearly four years in the making, which has seen us invest in technology and smart people to improve processes and create efficiency,” he said.

Looking ahead, Lyons shared that the bank’s target market remains “enterprising Australians.”

“These are customers who have unique needs and often, by nature of their employment or business arrangements, have complex or unusual financial affairs,” he explained. 

“They are high value customers, but often bigger banks have little capability to properly assess and understand their position. We aim to keep building our systems and processes and employ good people who can properly assist them with faster turnaround times than other banks, and in a more personal way.

“This is an underserviced market.”