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Genworth Australia H1 net profit up 41 pct
July 29, 2014 / 10:45 PM / 3 years ago

Genworth Australia H1 net profit up 41 pct

SYDNEY, July 30 (Reuters) - Home-loan insurer Genworth Mortgage Insurance Australia Ltd on Wednesday posted a 41 percent rise in first-half net profit, its first earnings report since listing two months ago.

Genworth, which provides insurance to mortgage lenders, mostly for high loan to value residential mortgages, reported a net profit for the six months-ended June of A$133.1 million ($124.90 million), up from A$94.6 million a year ago.

The company made a strong debut on the Australian Stock Exchange in May after U.S. financial services giant Genworth Financial Inc sold 34 percent of its Australian business to raise A$583 million ($545 million). ($1 = 1.0656 Australian Dollars) (Reporting by Swati Pandey; Editing by David Gregorio)

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