Goldfields Money terminates contract of CEO

WA-based lender Goldfields Money has confirmed the termination of David Holden as its chief executive after recently reporting strong growth in lending activity for 2014-15.

Goldfields said it has reached an agreement with Mr Holden on the terms and conditions of his termination, and he will receive payment in lieu of 12 months’ notice in accordance with his employment contract.

“The parties executed a deed of release to give effect to this arrangement, and Mr Holden will have no ongoing role with Goldfields Money,” the bank said in an ASX statement.

The boutique lender revealed in August that strong growth in lending activity delivered a 14 per cent rise in net interest income, reporting a statutory net profit after tax of $139,951 for the last financial year.

While lower than last year’s result, Goldfields said this figure included impairment losses related to software development costs. Excluding those items, post-tax profit was up 50 per cent to $285,197.

The results came on the back of a 23 per cent rise in the value of loans under management, up $27.5 million to $145.8 million.

“Achieving the growth and scale in the lending book has contributed toward building a stronger underlying earnings base,” Mr Holden said at the time.

“Goldfields Money is at an exciting stage of its growth journey. Our strategy of differentiation through becoming a provider of financial products to non-ADI financial services providers and the ability to upscale through investment in strategic alliances and distribution arrangements provides unique opportunities.

“In addition, we will continue to look for roll-up opportunities to significantly grow the business and earnings profile.”

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