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.
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