Non-bank posts 20 per cent profit increase

An Australian non-bank lender has announced a net profit before tax of $61m for the year ended 30 June 2014.

The result was an increase of 20 per cent for Liberty Financial on 2013.

“Liberty has produced a strong result that underscores the benefits of our diversified business model offering products and services spanning the financial services landscape,” Liberty’s chief financial officer Peter Riedel said.

“The continued reinvestment of profits strengthens our capital position and puts us in great shape to continue growing our business to support our valued business partners and customers,” he said.

Liberty ended the financial year with a tier 1 capital ratio of 16.1 per cent and total capital ratio of 17.1 per cent.

The lender has established in excess of $2 billion of funding capacity for the upcoming year to support its existing businesses as well as new businesses that are to be launched.

Last week, Liberty launches LFI Group after it was was authorised as a general insurer by APRA.

Other achievements during the year include the acquisition of Mike Pero Mortgages, one of New Zealand’s largest mortgage broking companies.

 

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