Profits double at Finance Ireland
- Profit before Tax €6.3m + 97%
- New lending of €305m + 80%
- Net Assets €72.4m + 81%
- Assets under Management – €520m
Finance Ireland Group, Ireland’s leading non-bank lender, has published its accounts for the year ended 31st December 2016. Finance Ireland is led by CEO Billy Kane and is active in commercial mortgage lending, auto finance, leasing and agri-finance.
The accounts show that 2016 was a year of record growth. The Group returned a profit before tax of €6.3m compared with €3.3m in 2015, with lending volumes up strongly (80%) on 2015. Net assets increased 81% to €72.4m with year-end cash balances up 21% to €44.8m. The Group achieved a number of significant milestones during the year including;
- Completion of a €30m equity placement with the Ireland Strategic Investment Fund (“ISIF”).
- Lending of €100m to Irish SME’s with the support of the Strategic Banking Corporation of Ireland (SBCI).
- Completion of a debt facility with a global banking group to support the Group’s growing Commercial Mortgage business.
- Establishment of the €100m Milkflex Fund, in partnership with Glanbia, ISIF and Rabobank.
- Profitably disposed of the Group’s non-core asset management and lifetime mortgage divisions.
- Increased employment to 92 people in December 2016 recognising the groups expanding footprint.
Commenting on the results, Billy Kane, Founder and CEO said; “these results show that Finance Ireland is providing a credible alternative in the Irish banking landscape, with a strong market presence in the SME, Property, Motor and Agri finance sectors. Our Group continues to go from strength to strength and has successfully repositioned itself as a lending platform following the disposal of our non–core businesses and the investment by Ireland Strategic Investment Fund.”
Issued on behalf of Finance Ireland by Gordon MRM