AFG profit dips amid scrutiny on brokers
Australian Finance Group has posted a 0.8 per cent dip in full-year profit to $33 million, insisting it has "proved its resilience" after Kenneth Hayne's royal commission spurred scrutiny of the mortgage broking industry.
The company, whose brokers arrange nine per cent of Australian residential mortgages, said revenue from continuing operations for the 12 months to June 30 rose 6.6 per cent to $659.9 million.
"For the first time, more than half of AFG's gross margin was generated from outside our mortgage broking aggregation business," chief executive David Bailey said, noting strong growth in AFG Securities.
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