Resimac Group (ASX: $RMC) Half-Year Financial Report 2024

Resimac Group Ltd (ASX: $RMC) has released its Half-Year Financial Report for the period ended 31 December 2023. The company reported a statutory net profit after tax (NPAT) of $20,265,000 for the period, reflecting a 14% increase from the previous corresponding period. The report also highlighted the net tangible assets per security at $0.94, up from $0.89 in the previous corresponding period.

Executive Commentary on Results for the Period

The Group's Chairman, Warren McLeland, commented, 'The Group generated a statutory net profit after tax of $20,265,000 for the period ended 31 December 2023, reflecting a 14% increase from the previous corresponding period. The normalised NPAT, excluding net fair value losses on derivatives, was $26,019,000, providing additional insight into the underlying performance for the year. The Group's total home loan settlements were $2.0 billion, down 17% on the previous corresponding period, impacted by competitive market pricing and lower system activity, particularly in the Prime market. However, compared to the second half of 2023, home loan settlements were up by 54%. The Group's total assets under management of $14.2 billion at 31 December 2023 comprised on balance sheet home loans and advances to customers of $12.5 billion, down 5% compared to 30 June 2023.'

Summary of Resimac Group's Half-Year Financial Report 2024

Resimac Group Ltd (ASX: $RMC) reported a statutory net profit after tax (NPAT) of $20,265,000 for the half-year ended 31 December 2023, reflecting a 14% increase from the previous corresponding period. The normalised NPAT, excluding net fair value losses on derivatives, was $26,019,000, providing additional insight into the underlying performance for the year. The Group's total home loan settlements were $2.0 billion, down 17% on the previous corresponding period, impacted by competitive market pricing and lower system activity, particularly in the Prime market. However, compared to the second half of 2023, home loan settlements were up by 54%. The Group's total assets under management of $14.2 billion at 31 December 2023 comprised on balance sheet home loans and advances to customers of $12.5 billion, down 5% compared to 30 June 2023. The Group's Chairman, Warren McLeland, highlighted the Group's resilience in navigating through macroeconomic challenges and its strategic diversification positioning the Group to generate new product streams and ensure a robust response to evolving market dynamics.