Dilosk, a pure non-bank lender, reported a €23.5 million net loss for 2023, primarily due to a revaluation of derivative financial instruments used to hedge against interest rate risks. While the group achieved an operating profit of €5.9 million, the profit was significantly impacted by the reversal of a 'supernormal' profit of €84.9 million in 2022. Dilosk attributed the loss to the normalization of interest rate markets and the unwinding of historic positions.
Mortgage interest rates at ICS and other pure non-bank lenders continue to generally be more expensive than mainstream banks, posted a 75 per cent slump in net interest income in 2023 as its funding costs spiralled on international markets and the company reined in new lending.
The directors expect this trend to continue in future years as the value attributable to these historic positions continues to unwind and interest rate markets normalise, it added. ICS rebooted its owner-occupier mortgage offering in 2024, easing what were then the most stringent lending criteria in the market and gradually lowering its interest rates, as international funding conditions eased.
Dilosk Mortgages Interest Rates Financial Instruments Profit Loss
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