Updates24 October 20233 minute read

Strong credit supports profitable growth

We're pleased to release our trading update for Q2 FY24, with highlights including the achievement of a $1.9B loan portfolio.

  • Loan portfolio increased to $1.99 billion, 29% above PCP and 5% above prior quarter 
  • Loan originations of $292 million, 9% above PCP and 12% below last quarter’s record loan originations 
  • 90+ day arrears of 45 basis points at quarter end, down from 49 basis points at the end of the prior quarter, reflecting the continued credit strength of the loan portfolio 
  • Annualised net credit losses of 82 basis points, down from 117 basis points in the prior quarter, supported by the sale of certain written-off or defaulted loans 
  • Quarterly revenue of $51 million, 53% above PCP 
  • 1H24 Cash NPAT of $1.5 million, stronger than anticipated in prior trading update