Non-bank lender sees improved net interest margins in second half
MA Money, the non-bank lender owned by MA Financial, grew its loan book to $2.1 billion in the 2024 financial year, according to newly released financial statements.
Since 2023, ASX-listed MA Financial has dedicated substantial resources to building out its lending capabilities through MA Money.
The investment is now starting to bear fruit, with the MA Money loan book growing by 155% over the year to 31 December, 2024. The lender’s net interest margin expanded from 1.1% in the first half to deliver a profitable 1.4% NIM in the second half.
Finsure, the mortgage aggregator bought by MA Financial in 2022, also saw growth, with on-platform mortgage brokers surging by 20% in 2024.
According to the results, brokers on the Finsure platform numbered precisely 3,746 as of 31 December, while Finsure managed loans were up 26% year on year to $139 billion.
MA Financial’s proprietary technology platform Middle, which assists mortgage brokers and borrowers with data collection, is now processing around $100 million of loan applications per day.
“The successful growth of both Finsure and MA Money highlights the potential opportunity of continuing to scale into Australia’s $2.3 trillion mortgage market,” said chair and non-executive director Jeffrey Browne.
“The final piece of our Residential Lending Marketplace is our maturing investment in ‘Middle’, an enhanced digital experience for mortgage brokers and borrowers.”
Across the whole of MA Financial ecosystem, assets under management grew by 12% to $10.3 billion.
While group-wide revenue surged by 14% to nearly $307 million, substantial investment expenses meant earnings per share were largely flat at 26.1 cents each.
