ME Bank settled record $432 million in December home loans

ME Bank has announced an after-tax underlying net profit of $29.1 million for the six months ended 31 December 2014, a rise of 14% on the previous corresponding period ($25.5 million).

ME Bank chief executive Jamie McPhee said the half-year profit was a solid result given the highly competitive, low credit growth environment. 

“Profit growth was driven by a new record in home loan settlements − up 41% to $2.4 billion at the midpoint of the financial year compared to the previous corresponding period," he said.

“We settled the highest amount of home loans in ME Bank’s history − $432 million − in December 2014.”

After re-entering the broker channel in November 2011, ME Bank also increased sales momentum through brokers, generating $1.1 billion in home loan settlements for the half-year, up from $400 million for the previous corresponding period.