Industry super fund-owned bank ME released its full-year results... 20% of Perth homes reselling at a loss: CoreLogic...
ME reports record loan settlements in FY16
Industry super fund-owned bank ME released its full-year results and revealed underlying net profit after tax rose 29% to $74.7 million for FY2016, compared to the previous reporting period.
The increase was attributed largely to the 6% increase in total assets to $24.7 billion combined with stable net interest margin of 1.55%.
ME settled over 16,000 new home loans in FY16 totalling $4.6 billion. The Bank achieved home loan settlements of $2.6 billion in the second half of the year, which was a record for the Bank and ensures strong momentum heading into FY17.
CEO, Jamie McPhee, said the Bank has maintained a strong growth path over the last four years with the NPAT increasing by an annual compound growth rate of 32% since 2012.
“Growth has been achieved by improving systems and processes, increased brand awareness and digital capability, and a deeper relationship with our industry super fund partners.
“We are meeting our financial objectives while delivering strong growth which, combined with ongoing investments in brand and technology, are positioning the Bank for even greater growth going forward, ensuring we deliver long-term strategic value and appropriate financial returns to our industry super fund owners.”
20% of Perth homes reselling at a loss: CoreLogic
A new report by CoreLogic revealed nationwide, the proportion of loss-making resales over the June quarter increased across each capital city excluding Melbourne and Canberra.
20.1$ of Perth homes resold at a loss over the three months, while in Darwin, 24.2% of homes resold at a loss - the highest proportion since December 2002.
CoreLogic's head of research Cameron Kusher said, “While loss-making resales increased over the quarter, historically, most cities are still seeing quite a low instance of homes reselling at a loss. However, Perth and Darwin are the exceptions with the proportion of loss-making resales at, or close to historic highs.”
CoreLogic Pain & Gain report shows the profits earned and the losses made from property sales over the June 2016 quarter, and reveals which locations have been the most valuable for investment.
The findings showed 5.9% of capital city houses resold at a loss, up from 5.7% from the March 2016 quarter while units at 9.5% resold for less than the previous purchase price.
In the regions, 12.2% of houses & 19.9% of units resold over the June 2016 quarter transacted below previous purchase price.
Industry super fund-owned bank ME released its full-year results and revealed underlying net profit after tax rose 29% to $74.7 million for FY2016, compared to the previous reporting period.
The increase was attributed largely to the 6% increase in total assets to $24.7 billion combined with stable net interest margin of 1.55%.
ME settled over 16,000 new home loans in FY16 totalling $4.6 billion. The Bank achieved home loan settlements of $2.6 billion in the second half of the year, which was a record for the Bank and ensures strong momentum heading into FY17.
CEO, Jamie McPhee, said the Bank has maintained a strong growth path over the last four years with the NPAT increasing by an annual compound growth rate of 32% since 2012.
“Growth has been achieved by improving systems and processes, increased brand awareness and digital capability, and a deeper relationship with our industry super fund partners.
“We are meeting our financial objectives while delivering strong growth which, combined with ongoing investments in brand and technology, are positioning the Bank for even greater growth going forward, ensuring we deliver long-term strategic value and appropriate financial returns to our industry super fund owners.”
20% of Perth homes reselling at a loss: CoreLogic
A new report by CoreLogic revealed nationwide, the proportion of loss-making resales over the June quarter increased across each capital city excluding Melbourne and Canberra.
20.1$ of Perth homes resold at a loss over the three months, while in Darwin, 24.2% of homes resold at a loss - the highest proportion since December 2002.
CoreLogic's head of research Cameron Kusher said, “While loss-making resales increased over the quarter, historically, most cities are still seeing quite a low instance of homes reselling at a loss. However, Perth and Darwin are the exceptions with the proportion of loss-making resales at, or close to historic highs.”
CoreLogic Pain & Gain report shows the profits earned and the losses made from property sales over the June 2016 quarter, and reveals which locations have been the most valuable for investment.
The findings showed 5.9% of capital city houses resold at a loss, up from 5.7% from the March 2016 quarter while units at 9.5% resold for less than the previous purchase price.
In the regions, 12.2% of houses & 19.9% of units resold over the June 2016 quarter transacted below previous purchase price.
