BNK Banking Corporation’s December half-year financial report, released on Friday, had nothing new to offer about the company’s strategic review, following the sale of its aggregation business Finsure, except to say the review continues with a focus on “maximising shareholder value”.

BNK made a profit of A$2.7 million on revenue of $7.6 million in the six months to December, but following the completion of the $152.2 million Finsure sale to MA Financial Group earlier this month it is left with a loss-making bank.

The banking division made a loss of $2.3 million, unchanged from the previous corresponding period.

Loan settlements increased by 153 per cent to $489 million and the value of the loan book increased by 3 per cent to $2.5 billion (these figures include Finsure)

The loan book is 98 per cent mortgages, which have an average loan-to-valuation ratio of 62 per cent. Loans more than 90 days in arrears represented less than 1 per cent of balance sheet loans.

The bank’s capital adequacy ratio at December 31 was 21.4 per cent.

One positive for the bank was that it established a $500 million mortgage securitisation program last year, with Goldman Sachs as the funder, and a $250 million warehouse facility with Blackstone as the key funder.