General Finance earnings bounce back as it prepares for guaranteed mat
[UPDATED] General Finance's earnings bounced back last year as the subsidiary of lender Cairns Lockie gears up to roll-over its guaranteed debenture stock.
Tuesday, August 10th 2010, 10:08PM
The company made a net profit of $70,000 in the year through March 31, compared to $13,000 last year, after it boosted its total revenue 8.4% to $935,000. The lender grew its loan book $1.2 million to $3.6 million, and continued to boost the proportion of first-ranking mortgages on its books to 83%.
The company was well placed for the end of the governmnet guarantee with, as at May 31, 66% of its deposits maturing beyond the expiry date.
This number had risen to 91% two months later.
"There is no wall of maturities for us," director James Lockie says. "Our deposit book has lengthened quite well over the last year."
General Finance's debenture stock shrank by a third to $2.72 million in the year.
The company operates as an established residential mortgage lender, targeting business from the intermediary market, including mortgage brokers, financial planners and insurance agents.
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