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BNK report settlement growth of 52%

The banking group has released its latest trading update, reporting “record volumes” over June and distinct growth during the financial year.

As highlighted in the BNK Banking Corporation Limited’s (BNK) figures for last month, the banking group reported total lending settlements of $120.7 million over June. 

This is said to be a year-on-year lift of around 52 per cent. 

Further, BNK noted in its latest figures that its on-balance sheet lending and settlement volumes from its Bendigo and Adelaide Bank warehouse had reached $78 million over June, continuing a recent trajectory of growth. 

In May, this figure was reported as $71.5 million, said at the time to be a 74 per cent lift from what was reported over April and 18 per cent year-on-year.  

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BNK also settled $35.9 million through its specialist warehouse – via its alliance with Goldman Sachs. 

Compared to May’s figure of $29.3 million, this latest result reflected growth of 22.5 per cent. 

The banking group also reported a residual settled figure of $6.8 million from the preceding white label operating model.

Total deposits were reported as growing by 11.5 per cent over June, reaching $98.8 million during the month. 

Speaking of these figures, BNK chief executive Allan Savins commented that these increases over the 2022 financial year present potential for the future. 

In May, BNK reported at the time that, during the third quarter of the 2022 financial year, it recorded its second-ever highest number of residential loan applications

“The business continues to generate good momentum across all key financial metrics, including settlements, loan portfolio and deposits, which has created a strong platform for FY23,” he said. 

BNK confirms fully franked special dividend for Finsure proceeds

In addition to these results, BNK has announced that it will distribute the $60 million in proceeds from its Finsure sale to its shareholders via a special dividend and capital return. 

Last month, Mr Savins said in a statement that the sale of the aggregation group allowed BNK to “strongly capitalised with significant opportunities for growth”.

“Our strategy is centred on delivering improved scalability and profitability,” Mr Savins said in an ASX update. 

Part of this was said by BNK at the time to be focused on its residential portfolio, its lending book as well as commercial lending.

A total distribution of around $40 million is expected to be provided to shareholders. 

[Related: BNK set to break into commercial]

BNK report settlement growth of 52%
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