Helia Group H1 net profit drops to $100M

• Helia Group reported a 25% drop in first-half statutory net profit to $100 million.
• The business maintained its interim ordinary dividend of 16 cents per share and a 27-cent special dividend.
• Helia continues its capital management strategy by distributing surplus capital to shareholders.

Helia Group (ASX:HLI) reported a 25% drop in first-half statutory net profit after tax to $100 million from $133.7 million. EPS slipped to 36.2 cents from 48.7 cents.

Underlying net profit after tax for the half year fell to $106.3 million from $126.1 million last year.

The company declared an interim ordinary dividend of 16 cents per share and a special dividend of 27 cents.

"In the first half of the year, we renewed a number of important customer contracts and continued to make progress in simplifying and strengthening the business," said Helia interim CEO Michael Cant.

Following the announcement, the Helia share price was unchanged at $5.12.

Helia provides lenders mortgage insurance in Australia to help homebuyers purchase residential property with smaller deposits.

The company targets a capital coverage ratio between 1.40 and 1.60 times the regulatory prescribed capital amount.