Profits emerging at Firstfolio
Firstfolio, a mortgage manager and introducer, is also beginning to see signs of a reduction in the concentration of new home loan funding among a narrow range of banks.Firstfolio generated 70 per cent of its revenue from a panel of six lenders in the December 2009 half, down from 73 per cent in the prior period.The fast-expanding mortgage group yesterday reported growth in revenue of one third, to $28.1 million, in the half year to December 2009.Pre-tax profit increased five-fold to $2.2 million.The steady roll-up of smaller mortgage intermediaries should see loans under management increase from $18 billion to $30 billion by the end of 2010.Recent acquisitions include eChoice, Domain, First Chartered Capital, Loan Services Australia's loan book, and Xplore Capital.