Portfolio company, BNK delivers 44% increase in underlying net profit to $7.1m

Aura Group is pleased to announce that BNK Banking Corporation Limited (ASX:BBC) (“BNK”) has released its financial results for the year ended 30 June 2021



Aura Group is pleased to announce that BNK Banking Corporation Limited (ASX:BBC) (“BNK”) has released its financial results for the year ended 30 June 2021 (FY21).

Finsure was co-founded by Aura Group Chairman, John Kolenda and Managing Director Calvin Ng, which later merged with ASX listed Goldfields Money Limited in 2018 to create BNK Banking Corporation Limited (ASX:BBC). Aura Group was an early investor and advisor to Finsure Group including its merger with Goldfields Money.  

BNK delivered a solid financial result while at the same time, the Group has implemented several initiatives to create a stronger platform for future growth.

Underlying Net Profit After Tax (NPAT) was $7.1 million, slightly ahead of the guidance provided in May 2021 and representing an increase of 44% on the prior year. Statutory NPAT was $5.7 million compared to $3.8 million for the prior year, on a restated basis. 


Key Highlights (compared to prior year) 

  • Underlying NPAT of $7.1m, up 44% 

  • Cash NPAT of $2.1m, up 47% 

  • Underlying earnings per share 7.4 cents, up 29% 

  • Net Income of $38.5m, up 22% 

  • Net interest margin up 27 basis points to 1.67% 

  • BNK-funded loan book growth of 75% to $499m 

  • Finsure Settlements of $22.2b, up 42% 

  • Capital Adequacy Ratio of 22.0%, up 0.8% 


Brett Morgan, BNK’s CEO Banking and Wholesale said: “BNK Bank has strengthened its competitive position over the year. We have accelerated our higher-margin on balance sheet lending and we have also launched our first prime warehouse securitisation program to provide further funding diversity to support our growth ambitions. We have made significant progress on transforming our lending business to generate higher returns over the medium term.” 

John Kolenda, BNK’s CEO Aggregation said: “Once again Finsure has demonstrated the breadth and scale of our business with a strong operating result. Settlements through Finsure’s platform of $22.2b represented a 42% increase on the prior year with the number of accredited brokers increasing by 15% year on year to over 2,000. Our total loan book of $56.6b grew by a 24.5% reflecting the strength of our broker network and the continued attractiveness of our award-winning service offering.” 

BNK remains in a strong capital position which was bolstered during the year with its inaugural $10 million Tier 2 subordinated notes issue and a successful $13 million equity raising. The Group’s Capital Adequacy Ratio at 30 June 2021 of 22.0% provides BNK with further growth opportunity for both on-balance sheet lending assets as well as investing in growth. 


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Aura Group subsidiaries issuing this information include Aura Group (Singapore) Pte Ltd (Registration No. 201537140R) which is regulated by the Monetary Authority of Singapore as a holder of a Capital Markets Services Licence, and Aura Capital Pty Ltd (ACN 143 700 887) Australian Financial Services Licence 366230 holder in Australia.


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