Aussie’s profit line grows
SYDNEY: A booming property market late last year has underpinned a 40 per cent surge in profit for high-profile mortgage broker Aussie Home Loans.
The profit rebound represents a lift for Commonwealth Bank, which snapped up a 33 per cent stake in Aussie at the height of the global financial crisis.
Aussie's latest accounts show a net profit of $31.4 million for the year to June 30. This was up on the $22.6 million in 2009, according to a filing with the Australian Securities and Investments Commission.
The business, chaired by John Symond, generated revenue of $202.7 million in 200910, representing a 23.4 per cent increase on the previous year. Dividends of $11.3 million were paid over the past year, with the total split between Commonwealth Bank and Mr Symond's private investment vehicle. -PB News
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