Cheap funding fuels $17m dividend for Firstmac's Cannon

Liam WalshReporter

Nov 27, 2020 – 10.00pm

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Cheap funding costs have helped fuel a $17.5 million dividend payday for Kim Cannon, whose family owns lender Firstmac.

The dividend payouts came with Firstmac’s loan book growing 13 per cent to $13 billion and statutory profits jumping from $11.4 million to $32.5 million last financial year.

Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane.