Moneyme (ASX: $MME) 3Q24 Trading Update Highlights

Moneyme Limited (ASX: $MME) has released its third quarter results for the period ending 31 March 2024. The company reported gross revenue of $53m for 3Q24, up on the prior quarter and down on the previous corresponding period (pcp). The loan book balance remained stable at $1.15bn for 3Q24, with an increased ratio of secured assets. Originations of $133m for 3Q24 continued the moderated growth strategy and prioritized secured assets. The net interest margin was maintained at 10% for 3Q24.

Executive Commentary on 3Q24 Trading Update

Moneyme's Managing Director and CEO, Clayton Howes, stated, 'Moneyme's third quarter results reflect stability and progress as we continue to execute on our key strategies. During the quarter, we further enhanced the quality of our loan book, optimized our funding structures, and extended our technology advantage through several platform updates and product refinements. Gross revenue remained strong at $53m, despite our shift to higher credit quality and secured assets with lower risk-adjusted interest rates. Importantly, the increasing credit quality of our loan book has continued to support Moneyme's resilience, with net credit losses maintained below 5%. Our preparations for future growth are underway, with the expansion of our funding program and enhancements to our Horizon technology platform and AIDENR, our artificial intelligence application.'

Summary of Moneyme's 3Q24 Trading Update

Moneyme (ASX: $MME) reported a steady-state loan book with an increased ratio of secured assets in the 3Q24 trading update. The company's focus on higher credit quality assets with lower risk-adjusted interest rates resulted in a gross revenue of $53m, up on the prior quarter. Moneyme continued to prioritize secured assets and expects to grow originations as the economic environment improves. The company also made significant advancements in its technology platform and artificial intelligence application to prepare for future growth in core products. Additionally, Moneyme formed a charity partnership with World Vision Australia, emphasizing its commitment to having a positive environmental and social impact. The company's resilience and strategic preparations indicate a positive outlook for future growth and stability.