Finbond Property Finance advised on Friday that it expects its fully diluted earnings and headline earnings per share for the year ending February 2009 to be between 7.2c and 11.9c per share, compared with the earnings and headline earnings, on a fully diluted basis, of 23.8c reported for year ended February 2008.

This decline is as a result of a significant decrease in the rate at which banks are approving the mortgage applications submitted by Finbond's Mortgage Origination division and consequential restructuring costs, it said.

Monthly mortgage origination volumes measured by formal grants by the four major banks have declined from R1.8-billion in May 2007 to R346-million in December 2008.

Finbond expects to release its results at the end of May 2009.

Source: I-Net Bridge