21/04/2016 - 14:03

AFG upgrades profit outlook

21/04/2016 - 14:03

Bookmark

Save articles for future reference.

Mortgage broking wholesaler Australian Finance Group has upgraded its profit outlook for the 2016 financial year on the back of continued growth.

AFG upgrades profit outlook
AFG managing director Brett McKeon.

Mortgage broking wholesaler Australian Finance Group has upgraded its profit outlook for the 2016 financial year on the back of continued growth.

In a brief statement today, Perth-based AFG upgraded its expected net profit for FY16 (ending June 30) to between $22 million and $22.5 million, representing an 11.8 per cent to 14.4 per cent increase on its previous forecast.

Brett McKeon led AFG said it has continued to experience strong trading across its business, particularly its home loans division.

In February, AFG reported a 27 per cent increase in half-year profit to $11.7 million with revenue up 11.4 per cent to $281.4 million.

The company’s loan book has passed $114 billion.

AFG shares were 12.2 per cent higher to $1.10 each at 2pm.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options