Credit Corp on track for solid FY2023 result
Wednesday, 01 Feb 2023
Credit Corp Group Limited reports the following highlights for the first half of the 2023 fiscal year:
- 32% growth in the consumer loan book to $331 million
- On track for record full year consumer lending segment earnings
- Continued recovery in charge-off volumes producing strong US investment
- Significant step-up in US resourcing to meet the opportunity
First half net profit after tax (NPAT) fell by 30 per cent over the prior corresponding period to $31.8 million. This was due to:
- up-front loss provisioning and marketing expense from rapid loan book growth;
- costs arising from increased US resourcing; and
- run-off in the core AU/NZ debt buying segment.
Earnings are expected to recover strongly over the second half of the fiscal year, primarily driven by a record consumer lending segment result. The Company remains on track for a full year NPAT within the previously advised guidance range of $90-$97 million.