Australian Finance Group Strategy delivering positive results
Strategy delivering positive results: Australian Finance Group, Australia’s mortgage broking company, has demonstrated an improved credit growth since Q1 FY17 despite regulatory headwinds; and is expected to witness momentum from a robust suite of branded products, a complex lending environment, recruitment and the AFG Business platform. The group has reported a net profit after tax (NPAT) of $30.2 million for the 2017 financial year, which is ahead of the result forecast as per the profit upgrade provided in June 2017 and represents a 33% growth over FY2016. The NPAT figure excludes the impact of the recognition of AFG Home Loans (AFGHL) white label settlements relating to prior years (normalised NPAT). The group’s core business of residential mortgages, commercial lending, and the continued strong growth in the own-branded AFGHL business, have driven the performance. AFG’s combined residential and commercial loan book of $133 billion has demonstrated a growth of 11% over FY2016, and its strategy to deliver competitive choice to Australian borrowers is working well. Further, the residential loan book of $126 billion is expected to generate ongoing trail commission.
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