The company, which is best known for its deposit taking activities and the promotion of its Standard and Poor’s credit rating, is keen to keep expanding its range of services. Besides home loans and debentures its offers commercial asset finance, a full range of insurances, and its Galaxy on-call and savings accounts. Managing director Glenn Walker says its home loans will be distributed via its branch network rather than through brokers.
The move into home loans is part of the group’s plans to become a diversified financial services company in New Zealand.
Geneva Finance recently reported an increase in net profit after tax from $2.2 million to $3.8 million for the year ending March 31.
Revenue increased from $21 million to $39 million, and its operating profit before tax from $1.6 million to $5.7 million.
Geneva hasn’t disclosed who is funding its home loan products.
