Finsure holding company posts 44% profit rise

by Mike Wood27 Aug 2021

BNK Banking Corporation, which includes major aggregator Finsure, has released its results for the last financial year, with huge upswings in settlements and profits.

Finsure settled $22.2 billion in the last year, a 42% rise on the year prior, helped in a large part by a 15% rise in broker numbers and $56.6 billion loan book, itself a 24.5% rise on 2020.

“Once again Finsure has demonstrated the breadth and scale of our business with a strong operating result,” said John Kolenda, CEO of Finsure.

“Settlements through Finsure’s platform of $22.2 billion represented a 42% increase on the prior year with the number of accredited brokers increasing by 15% year on year to over 2,000.” 

“Our total loan book of $56.6 billion grew by 24.5%, reflecting the strength of our broker network and the continued attractiveness of our award-winning service offering.”

BNK Bank, which owns Finsure, posted a 44% rise in profits for a NPAT of $7.1 million. It had expected that number to be slightly lower in guidance released in May.

“BNK Bank has strengthened its competitive position over the year,” said BNK CEO banking and wholesale, Brett Morgan.

“We have accelerated our higher-margin on balance sheet lending and we have also launched our first prime warehouse securitisation program to provide further funding diversity to support our growth ambitions.”

“We have made significant progress on transforming our lending business to generate higher returns over the medium term.”

 

READ MORE: Finsure announces record monthly settlements