Goldfields in the money
Goldfields Money, the baby of the listed deposit-taking sector, reported asset growth of 11 per cent and deposit growth of 18 per cent in the year to June 2012, with the Kalgoorlie-based tiddler aiming to maintain high rates of growth now it is listed.Goldfields listed at the end of May, following the demutualisation of a business with only 2600 customers and assets of A$60 million.The business aims to play on parochial interests in the West Australian market. David Holden, the new CEO, is the former CFO of StateWest and Home, two Perth-based ADIs that are now customer lists of the Bank of Queensland.Holden said Goldfields "can grow quickly fairly easily. Our risk appetite is not going to materially change."He said Goldfields had not marketed much, even in Kalgoorlie, and had been constrained in the past by its capital base.Following the sale of $9 million in new shares, Goldfields now has equity of $14.5 million.Holden said that, thanks to the listing, there was "plenty of interest" in the company.The financial statements for the year to June 2012 show listing expenses of less than $1 million, or about half what was projected at the release of the prospectus in February.Net profit increased to $468,000, from $348,000.