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 Unplugged, hosts Maja Garaca Djurdjevic and Keith Ford are joined by special guest Shane Oliver, chief economist at AMP, to break down what’s happening with the Trump trade and the broader global economy, and what it means for Australia.
In this episode, hosts Maja Garaca Djurdjevic and Keith Ford take a look at what’s making news in the investment world, from President-elect Donald Trump’s cabinet nominations to Cbus fronting up to a Senate inquiry.
In this new episode of The Manager Mix, host Laura Dew speaks with Claire Smith, head of private assets sales at Schroders, to discuss semi-liquid global private equity.
In this episode of Relative Return, host Laura Dew speaks with Eric Braz, MFS portfolio manager on the global small and mid-cap fund, the MFS Global New Discovery Strategy, to discuss the power of small and mid-cap investing in today’s global markets.
