Didn't have time to post yesterday:
https://cdn-api.markitdigital.com/ap...8185-2A1502349
POSITIVE CASH NPAT AND BOOK GROWTH CONTINUE STELLARE® 2.0 POSITIONING HARMONEY FOR SIGNIFICANT GROWTH IN FY25 AND BEYOND
AUTOMATION REDUCES COST TO INCOME RATIO TO 24%
Harmoney Corp Limited (ASX:HMY) (“Harmoney” or “the Company”), a leading consumer-direct personal lender in Australia and New Zealand, is pleased to provide an update on its performance for the half year ended 31 December 2023 ("1H24").
1H24 Highlights:
- Harmoney's model continued to deliver both loan book growth and Cash NPAT profitability despite a higher interest rate environment.
- Corporate debt refinanced and upsized to a $30m facility ($22.5m drawn), endorsing the strength of the business and providing capacity for up to ~$200m additional loan book growth.
- Issued inaugural New Zealand NZ$200m asset backed securitisation ("ABS"), complementing earlier Australian ABS and delivering further funding capacity and diversification, combined with ongoing warehouse funding support from 3 of the ‘Big 4' Australian banks.
- Stellare® 2.0 rolled-out to new customers in Australia, with improved processes delivering higher application day conversion.
- Cash ROE remains on track to reach 20% run rate in FY25.
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