The Mortgage Corporation’s consolidated profit after tax for 2013 was $983 million, down 12.7% from the previous year, the company announced today.
The drop in profit was mainly due to loan portfolio rundown and reduced contributions from the mortgage insurance business, it said.
Return on shareholders' equity was 10.4% and the cost-to-income ratio was 18.1%.
The corporation purchased $3.2 billion loan assets in the year; and the outstanding principal balance of the loan portfolio was $22.3 billion at the end of 2013.
New mortgage loans drawn down under the Mortgage Insurance Programme amounted to $13.3 billion, lower than the $22 billion in 2012. Among the MIP loans, 87% were secured on properties in the secondary market.
It also approved 217 applications for the Reverse Mortgage Programme, with an average property value of about $5.6 million and average monthly payout of $14,800.
