CHALLENGER Financial Services has reported a fall in its residential mortgages and real estate funds under management business.
In the 12 months to March 31, Challenger’s mortgages under management totalled $22.6 billion. Residential mortgages under management fell by 3.4% for the quarter.
The company the fall reflects lower originations in the current unprofitable market conditions.
Meanwhile, the residential portfolio grew by 2.1%.
Mortgages under administration continued to grow strongly to $24.4 billion, up 5.4% over the quarter representing a greater than 20% annualised growth rate demonstrating strong customer preference for product choice.
Challenger’s real estate funds under management fell from $2.35 billion to $2 billion.
Over all, assets and mortgages under management totalled $45.2 billion, representing a fall of 4.3% for the quarter and growth of 13.7% for the 12 months ended March 31.
Australian Property Journal
