Hanover profit linked with boosted Australian loan book
Hanover’s reported NZ$105 million after tax profit for the 2005-06 financial year suggests the New Zealand-based financial institution’s increasing emphasis on the Australian market is paying off.
The positive result coincides with its tripling of receivables from the Australian market, which have grown from 7 per cent to 24 per cent in the last 12 months.
Hanover has consolidated assets of NZ$1.82 billion, comprising NZ$1.26 billion in investors’ funds under management.
Australian lending and investment opportunities have been a focus for Hanover since mid-2003, in a growth strategy designed to diversify its loan base and gain exposure to different economic environments.
The appointment of an Australian-based director, Dennis Broit, was consistent with this Australian led growth. Broit took up his role on the Hanover Group board around five months ago and was named chairman of the Hanover Australia board in July this year.
“Hanover has a proven record in both the finance and property sectors [and has] shown over the past three years that it understands the Australian market, and I’m pleased to have been invited to be part of this dynamic organisation,” Broit said.
According to Hanover chief executive Andrew Schmidt, Hanover will continue to look to the Australian market for growth and expansion, and in this regard sees the appointment of Broit as a considerable benefit to the organisation.
Recommended for you
In this episode of Relative Return, host Laura Dew speaks with Andrew Lockhart, managing partner at Metrics Credit Partners, about commercial property and real estate equity.
In this episode of Relative Return, host Laura Dew speaks with Russel Pillemer, chief executive of Pengana Capital Group, to discuss the opportunities in global private credit in this market environment.
In this episode of Relative Return, host Laura Dew speaks with Steve Johnson, founder and CIO at Forager Funds Management, about the impact of human psychology on investing and whether fund managers can ever beat algorithms.
In this episode of Relative Return, host Laura Dew speaks with Daniel Bower, chief product officer at FinClear, and Bill Keogh, chief executive of Transact1 (a FinClear subsidiary) to discuss cash as an asset class.