Non-bank, non-ADI lender Liberty Financial has continued to take advantage of the pressures on its listed banking rivals, posting a pre-tax profit of A$94.1 million for the year ended 30 June 2019.This was a gain of 12 per cent on the $83.9 million result for FY18. The company's chief executive officer James Boyle attributed this result, which yielded a return on equity of 13 per cent, to the continued diversification of the company's revenue streams. Boyle said in a media call that market demand led his team to expand its lending options for small businesses, "as well as expanding our unsecured personal loans offer".Boyle said the Liberty loan portfolio was "well balanced among residential, commercial, self-managed super fund investors, motor vehicle and personal loans".Total finance income grew by 30 per cent to $811 million (FY18: $622.0 million), while total expenses grew by 29 per cent over the same period. Liberty disclosed growth in financial assets and non-interest income, which resulted in a corresponding increase in finance income, according to Liberty chief financial officer Peter Riedel. He noted that Liberty's loan portfolio grew strongly, with total assets reaching $12.7 billion (vs $10.2 billion in FY18), which Riedel attributed to growth in new residential, commercial and motor vehicle loans and a stable average life of loan."Throughout the year, Liberty successfully priced eight asset-backed and senior unsecured note issues raising $4.7 billion of total funding," Riedel said.This compares to a total of $4.9 billion raised in FY18. Riedel said the difference was entirely due to his team's need to time its funding transactions, rather than any decline in expected lending during the 2019/20 year.Riedel also pointed out that the majority of its funding is via floating rate transactions, which will continue to protect Liberty's profit margins at a time of declining deposit rates at its banking rivals. And in contrast to the slide in credit quality at major banks, Liberty disclosed impairment charges for the year of just 21 basis points of average financial assets, compared to 24 bps in FY18. "This reflects the continued evolution to a lower risk profile financial asset portfolio," Liberty noted in a statement outlining its results. The business has a risk-adjusted capital ratio of 15.3 per cent, supportive of its Standard & Poor's investment-grade rating of BBB- (stable outlook). S&P has just re-affirmed Liberty's rating.