ME records 83% increase in broker loans

by Julia Corderoy19 Nov 2015
Industry super fund-owned bank ME has reported a 22% increase in it home loan book, driven by a surge in broker introduced loans.

According to the 2015 full year financial results released yesterday, ME reported an underlying net profit after tax (NPAT) of $60 million, a rise of 27% on the previous reporting period. 

ME chief executive, Jamie McPhee, said the bank’s solid profit increase was driven by growth in home loan settlements, up 22% to $4.6 billion.

According to the results, broker introduced surpassed $2.2 billion for the year, up from $1.2 billion last year, an increase of 83%. Continued home loan growth, particularly in the broker channel, also saw customer numbers grow 8% to 338,000. 

Looking ahead, McPhee says the bank will continue to focus on building its strategic value for shareholders and broader partner network.  

“We are working on several joint product and service initiatives with our super fund partners, including co-branded credit cards and a super cash management account,” he said.

“We have built on the strong growth already achieved over the last three years and with a new technology platform, and new brand and values the Bank is positioned to further accelerate its growth agenda.”