News

Credit Corp Group Limited reports the following highlights for the 2024 fiscal year:

• 18% growth in lending segment net profit after tax (NPAT)
• 24% growth in the consumer loan book to a record gross closing balance of $445 million
• Improved US operational performance over the final quarter of FY2024
• Strong FY2025 US investment pipeline secured

Underlying NPAT¹ fell by 11 per cent over the prior year to $81.2 million. While lending segment earnings grew strongly, the impact was offset by continued run-off in the core AU/NZ debt buying business and degraded US collection conditions.

The outlook for the year ahead is for a return to growth. A record starting consumer lending loan book, US operational improvement and a stabilised AU/NZ debt buying business will produce FY2025 NPAT of $90-100 million. At the midpoint of the range this is an increase of 17 per cent relative to FY2024.

¹ Underlying NPAT after adding back $45.6 million (after tax) for the US purchased debt ledger (PDL) impairment reported in H1 FY2024 and subtracting $15.1 million (after tax) for the change in estimated PDL collection life from six to eight years to the statutory NPAT of $50.7 million.

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The Board of Credit Corp Group Limited (Credit Corp) announces that Ms Leslie Martin will retire as a Non-Executive Director at the conclusion of Credit Corp’s upcoming Annual General Meeting on 24th October 2023.

Mr Eric Dodd, Credit Corp Chair, noted that Leslie had served on the Board of Credit Corp for over nine years during which time the organically developed consumer lending and US debt buying activities had significantly grown to now comprise the majority of Credit Corp’s earnings.

“Leslie’s international and domestic banking experience and strategic leadership have been invaluable to the development of Credit Corp. On behalf of the Board I thank Leslie for her significant contribution and wish her well in her retirement,” he said.

Credit Corp Group Limited reports the following highlights for the 2023 fiscal year:

• 70% growth in lending segment net profit after tax (NPAT)

• 43% growth in the consumer loan book to a record gross closing balance of $358 million

• Recovery in US operational performance over the second half

• Solid FY2024 US investment pipeline secured in improved pricing conditions

NPAT fell by 5 per cent over the prior year to $91.3 million. While lending segment earnings grew strongly, the impact was offset by continued run-off in the core AU/NZ debt buying business and costs arising from increased US resourcing.

Read the full Media Release | View the Video presentation | View the full presentation | View the Annual Report