Finance Ireland reports 27% increase in profits in 2018
- Profit before tax €10.5m (+27%)
- Record new lending €491m in 2018 (+13%) to SMEs, farmers, property professionals and consumers
- More than €1bn in new motor finance since inception in 2011
- Successful entry to residential mortgage market
Finance Ireland, Ireland’s largest non-bank lender, has announced strong growth in profits and new lending for 2018.
The company lends to SMEs, farmers, property professionals and consumers. Last week, the company launched its first product set for the residential mortgage market which it has now entered.
The company’s accounts for 2018 show the company grew pre-tax profits during 2018 to €10.5m, a 27% increase on the €8.3m recorded in 2017.
New lending during 2018 reached a new record of €491m, which was 13% higher than in 2017. This figure benefitted from strong growth in Commercial Real Estate and Milkflex agribusiness loans. Car finance lending remained strong and the total value of motor finance provided by Finance Ireland since inception surpassed €1bn during the year.
Finance Ireland CEO Billy Kane said:
“This was a great year. We saw a strong contribution from all our business divisions and we continued to invest in building out our lending platforms, supporting our plans to make Finance Ireland a business of significant scale.
We have been very successful in winning new business, entering new markets and selectively making high-quality acquisitions that will stand to us for years to come including in the residential mortgage market space.”
Looking ahead, we have had a strong start to 2019 across all our divisions. We are excited by the opportunities we see, and we have built up excellent momentum to make the most of these opportunities.”
- Customer base grew to almost 10,000 SMEs and 50,000 consumers, with total portfolio growing 32% to €881 million
- Motor division: Market share grew as lending volumes remained stable despite a decline in the overall market
- Commercial Mortgages: New lending up 30% as product and market positioning extended
- SME Lending: SBCI-backed SME lending rose 27%
- Agri Finance: New lending up 43% with the national launch of Milkflex to 14 coops. The company has now lent over €100 million to Irish farmers.
- Residential Mortgages: Successfully acquired Pepper Residential Mortgages in 2018 and launched a comprehensive suite of Finance Ireland prime residential mortgage products in March 2019
- The company grew staff numbers to 140 during the year.
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