AFG CFO steps down

Australian Finance Group (AFG) has revealed that its chief financial officer (CFO) Ben Jenkins has “elected to pursue a career opportunity” with another public company in the tech sector.

Mr Jenkins will remain with AFG for the upcoming results season, into the first quarter of the 2023 financial year.

AFG chief executive David Bailey thanked Mr Jenkins for his significant contribution to the company, since joining in 2015.

“On behalf of all AFG I would like to acknowledge Ben for his commitment and dedication to the company,” Mr Bailey said.

“Ben has played an important role in our business in stewarding the ongoing strong financial position of AFG and I would personally like to thank him for his support as an executive team member over the past seven years.”

Mr Jenkins was credited for overseeing the navigation of AFG through the pandemic, its 2020 equity raise, the purchase of stakes in Thinktank and Volt Bank, as well its recent majority acquisitions of Fintelligence and BrokerEngine.

“This was achieved while delivering a high quality of financial reporting to the market with strong finance and business leadership,” Mr Bailey said.

“The board and I wish Ben all the very best in his future role.”

AFG has commenced the hunt for a new CFO.

The company’s results for the first half of FY22 (the six months to December), revealed a 20 per cent rise year-on-year in net profit, up to $30 million.

AFG had cited ongoing diversification and strategy across its business lines for the result, with higher settlements across all divisions.

According to the group, one in 10 Australian residential mortgages is now arranged by an AFG broker.

The acquisition of Fintelligence during the half had added 350 brokers to the group’s broader network, which now has a combined tally of 3,525.

Recent Broker Pulse survey data also showed the group’s mortgage segment, AFG Home Loans, alongside Advantedge and Connective Home Loans, was among lenders offering the fastest turnaround times for brokers, with each running at around four days.

AFG brokers had also seen fixed-rate home volumes drop to their lowest level in two years over the March quarter.

As Mr Bailey explained, home buyers had navigated the “end of cheap money as the big banks’ Term Funding Facility came to an end”.

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