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Wary banks one brake on AFG

The group's white label home loan arm is also leaving an imprint in results, with $5.5 billion funded through four loan products.White label lending steered the net profit for AFG to $39.1 million, a rise of 73 per cent to $22.6 billion.AFG management point to a normalised profit for the year of $30.2 million, a rise of one third on 2016.This normalised profit is "calculated by removing the impact of the initial recognition of the value of the AFG white label trail book relating to prior year settlements, AFG said. The normalised number includes the value for settlements during the 2017 year only.

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