Resimac Group (RMC) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 9:30 A.M. with confirmation of quorum and acknowledgment of traditional land custodians.

• Notice of meeting and FY24 Annual Report distributed to shareholders and lodged with the ASX.

• Minutes of the previous AGM reviewed and signed, available for inspection.

Financial performance review

• FY24 normalized NPAT fell 42% to AUD 43.1 million, driven by a 22% decrease in average home loans AUM and lower NIM.

• Asset finance business grew to AUD 1.1 billion AUM, up from AUD 600 million in FY23.

• Dynamic loan-to-value ratio in the mortgage book decreased to 61% with record low arrears.

• Increased provisions for asset finance due to higher risk profile; credit losses remain conservative.

Board and executive committee updates

• Chairman Warren McLeland announced this was his last AGM as Chair, with Wayne Spanner appointed as successor.

• Scott McWilliam resigned as CEO in July; Susan Hansen appointed as Interim CEO.

• Board expects to announce a new CEO in the first half of 2025.