MONEYME records boost to loan book and originations

Digital lender MONEYME has revealed in its financial results for the period ended 30 June 2024 an increase in loan originations of 23 per cent to $547 million, up from $466 million when compared to the prior period (FY23).

According to the lender, this has illustrated a return to growth in 2H24 and is expected to continue throughout the financial year 2025.

Additionally, MONEYME’s loan book has increased by 6 per cent to $1.2 billion in FY24, up from $1.1 billion in FY23.

This was primarily reflected through an increase in secured car loan originations, with secured assets increasing to 55 per cent of the loan book, up from 44 per cent on the prior corresponding period.

The lender had expanded its product offer in FY24 to include secured car loans of up to $150,000, which has reportedly enabled new distribution channels and high credit quality customers.

Commenting on the group’s financial results, managing director and CEO, Clayton Howes, said: “We are very pleased with MONEYME’s performance and results in FY24, ending the financial year with a larger and stronger loan book, maintained profits, increased operating leverage, and a positive outlook for FY25.

“With a 23 per cent increase in new loan originations, we marked our return to growth and expanded the loan book to $1.2 billion, while simultaneously building its credit profile.

“Secured assets now comprise 55 per cent of the total loan book, while the average Equifax credit score sits at 763. Our shift to higher credit quality and secured assets achieved lower credit losses and, in turn, reduced our provisioning.

“We delivered a statutory net profit after tax of $23 million [an increase of 85 per cent], up from $12 million in FY23, reflecting scale and technology advantages, healthy revenue, higher credit performance, and a realised deferred tax asset.”

In terms of outlook, MONEYME aims to extend technology leadership through increased automation and AI to improve customer experiences and enable better operational efficiencies.

Howes said: “Looking ahead, we will continue to execute on our strategy, extending our technology advantage, prioritising higher credit quality and secured assets, expanding our funding program for capital-efficient growth, and deepening our ESG impact.

“With this, we are confident that we will deliver loan book growth and profitable returns in FY25.“

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Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

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