Resimac Group Ltd's 1H24 Financial Results

Resimac Group Ltd (ASX: $RMC) has reported a normalised NPAT of $26 million for the six months period ended 31 December 2023. The Board declared a fully franked interim dividend of 3.5 cents per ordinary share, with a payout ratio of 53.8%.

Executive Commentary on 1H24 Performance

Scott McWilliam, Chief Executive Officer, expressed satisfaction with the Group's performance in a challenging half year period. He highlighted the stabilization of the home loan portfolio and strong AUM growth in the asset finance business. McWilliam emphasized the strategic product offerings that led to a significant increase in broker applications and home loan settlements. He also underscored the thriving asset finance business and the Group's focus on supporting customers amidst cost-of-living pressures, emphasizing the role of technology in enhancing customer experience and operational efficiency.

Summary of 1H24 Results and Outlook

Resimac Group's 1H24 results reflect a stable home loan portfolio, significant growth in asset finance, and a customer-centric approach supported by technology. The Group's optimistic outlook for CY24 is underpinned by favorable funding markets and the Australian macroeconomic and rates outlook. With a resilient and quality portfolio, conservative provisioning, and improved funding margins, Resimac is well-positioned for future growth. The Group anticipates growth opportunities in the second half, particularly in home loan AUM and asset finance business, driven by a solid pipeline of applications and recent milestones. The stable platform for growth and investor appetite for bond issuances further support the positive outlook for the Group's future performance.