Liberty Financial Group (LFG) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and confirmation of quorum for a hybrid in-person and virtual AGM.

• Directors, executive team, and external auditor introduced; prepared speeches released to the market.

• Procedures for online participation, voting, and Q&A explained, with all resolutions to be voted on by poll.

• Agenda included Chair and CEO addresses, formal business items, Q&A, and closing remarks.

Financial performance review

• Statutory net profit after tax for FY2024 was AUD 115 million, down 36% from FY2023, reflecting challenging market conditions.

• Underlying NPATA declined 29% to AUD 132 million; net revenue slightly decreased by 1% to AUD 583 million.

• Portfolio grew by 7% to AUD 14.1 billion; record loan originations of AUD 5.7 billion, up 5% year-on-year.

• Impaired loans increased by 56% to AUD 309 million; cost-to-income ratio rose to 28%.

• Net interest margin stabilized at 2.51%, down 25bps from prior year.

Board and executive committee updates

• Chair Richard Longes announced this was his final AGM after 19 years; Piyush Gupta to succeed him as Chair, subject to election.

• Piyush Gupta introduced, highlighting over 40 years of financial services and governance experience.

• Sherman Ma and James Boyle recognized for leadership and contributions.