Australian Finance Group has beaten its forecasts and lodged a net profit of $19.3 million, with the Perth-based company solidifying its status as the nation’s biggest mortgage company.
AFG had previously flagged a net profit of $17.8 million, while this year’s result was a 19.8 per cent rise on the previous financial year.
Revenue was up 16 per cent, to $526 million.
Managing director Brett McKeon said the results were underpinned by strong performance in both its residential and commercial mortgage businesses.
“We have grown our residential settlements year on year by 19 per cent and our commercial settlements increased by 23 per cent, both of which represent record years of settlements,” he said.
“AFG enters the new financial year in a strong position with a combined residential and commercial loan book of $107 billion, which includes better than forecast growth from our white label AFG Home Loans products.”
Mr McKeon said he expected future earnings growth, with strong performances by the company’s residential mortgages arm and solid recruitment activity pointing to improved future results.
He said the company’s lender panel was also continuing to grow.
“This will continue to position AFG as a market leader by providing a greater level of choice to our brokers and their customers.”