Hypoport, the German internet-based financial services provider, has generated a record volume of transactions worth EUR 3.8 bn in the third quarter 2008. This represents an increase of more than 20% compared with the same quarter of 2007. The company said it had processed EUR 3.5 bn worth of home loans and EUR 301mln worth of personal loans via its Europace platform.
Hypoport, the German internet-based financial services provider, has generated a record volume of transactions worth EUR 3.8 bn in the third quarter 2008. This represents an increase of more than 20% compared with the same quarter of 2007. The company said it had processed EUR 3.5 bn worth of home loans and EUR 301mln worth of personal loans via its Europace platform.
Hypoport also announced the closure of its loss-making 'Europace for ABS investors' business, saying it had reduced the company's earnings before interest and tax (EBIT) by approximately EUR 1mln in the first half of this year. Write-downs on software development and provisions set aside to cover the termination of existing agreements will incur one-off charges of roughly EUR 3mln for the third quarter.
The company said it would continue to honour existing agreements with its ABS investor clients until at least the summer of 2009. This decision will not affect its profitable Amsterdam-based services for ABS issuers. The supervisory board of Hypoport Capital Market also announced the appointment of Thomas Kretschmar as executive director with sole power of attorney.
