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Finsure records 22% rise in brokers

Aggregator Finsure has grown its mortgage broker force by around a fifth in the 2021 financial year, as parent company BNK managed to increase its loan book by almost a quarter.

BNK Banking Corp posted its fourth quarter trading update on Friday, revealing the group had grown its loan book by 23.2 per cent during the year to 30 June, landing at $59.1 billion (up by 23.2 per cent year-on-year).

Of that book, $499.2 billion had come from the banking business, which surged by 75.3 per cent from the year before, while $56.6 billion came through the aggregation divison, Finsure, a 24.5 per cent rise year-on-year.

Finsure Aggregation confirmed it had reached 2,005 brokers as at 30 June, a 22 per cent increase compared with the previous year.


Finsure also settled $7.1 billion in Q4 2021, representing an increase of 37 per cent on the previous quarter, including monthly record settlements of $2.8b in June 2021.

John Kolenda, CEO, aggregation, said: “Finsure continues to demonstrate exceptional performance across all key areas of the business and is well positioned for ongoing success.”

The bank (BNK) meanwhile saw $172.7 million in settlements during the final quarter of FY21, a 59.8 per cent rise from the previous quarter and a far leap from its fourth quarter in FY20, when the result was $13.3 million.

BNK also reached $636 million in deposits at the end of June – 33 per cent more than the previous quarter and 83.8 per cent more than the prior corresponding period.

Brett Morgan, chief executive banking and wholesale at BNK, commented the bank had managed to raise more than $14 million in capital throughout the last quarter to support its lending growth aspirations.

“With funding diversity, capital position and established and growing distribution network, we are very well positioned to continue to deliver the strong growth we have seen in the last quarter,” Mr Morgan said.

BNK mortgage lending arm Better Choice recently signalled that it would become a non-bank, with the help of a $500-million funding facility from Goldman Sachs.

[Related: Former CBA exec launches brokerage]

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