Portfolio company, BNK, delivers 36% increase in underlying profit

BNK delivered a solid financial result while at the same time has continued to implement its strategic review to enhance returns to shareholders.



Aura Group is pleased to report that BNK Banking Company (ASX:BBC) (“BNK”) has released its financial results for the year ended 31 December 2021 (FY21).

BNK delivered a solid financial result while at the same time has continued to implement its strategic review to enhance returns to shareholders.

Underlying Net Profit After Tax (NPAT) was $3 million representing an increase of 36% on the prior corresponding period.

Reported NPAT was $2.7 million compared to $1.9 million for the prior corresponding half, on a restated basis.

Financial Highlights

  • Underlying NPAT of $3.0m, up 36%

  • Cash NPAT of $1.0m compared to ($0.2m)

  • Underlying earnings per share 2.6 cents, up 6%

  • Net income of $21.1m, up 21%

  • Net interest margin 132 basis points compared to 147 basis points as at 30 June 2021

  • BNK-funded loan book growth of 107% to $631m

  • Deposit growth of 112% to $829 million

  • Capital Adequacy Ratio of 21.4%, up 2.8 ppts

“The half-year was a transformative period for the BNK Group,” said Chairman Don Koch. “As part of our strategic review, we were pleased to announce the sale of our aggregation business, Finsure, to MA Financial for proceeds of $152 million, which results in a gain on sale of approximately $100 million before tax, which will be reflected in BNK’s second half results.”

Calvin Ng, Managing Director of Aura Group, said: “BNK’s end-of-financial year results are exciting, and suggest a strong potential for future growth, especially given the volatility in the market during FY21. I look forward to seeing how BNK will continue to adapt in FY22.”

The sale of Finsure, which was completed on 7 February 2022, means that BNK’s previous FY22 earnings guidance and outlook statements are no longer applicable to the BNK Group.


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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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