AFG upgrades profit

MORTGAGE broker Australian Finance Group (AFG) has upgraded its profit forecast for FY2017 due to significant earnings growth from the home loans business.

AFG expects the net profit after tax for FY17 will be within the range of $37.0 to $37.8 million, which is significantly higher than the previous forecast of around $25.5 million.

Newly appointed CEO David Bailey said during the six months to 30 June 2017, the AFG Home Loans (AFGHLs) white label mortgage products have matured.

“The AFGHLs business continues to be a driver of ongoing earnings growth and this revenue recognition provides evidence of the value this segment of the business is generating for the group,” he added.

Australian Property Journal