Resimac Group (RMC) Trading Update summary

Trading performance highlights

• FY24 total settlements reached $5.1bn, up from $4.2bn in FY23, with home loan settlements at $4.3bn and asset finance at $0.8bn.

• Assets Under Management (AUM) at 30 June 2024 stood at $14.0bn, with home loans at $12.9bn and asset finance at $1.1bn.

• Average home loans AUM for FY24 was $12.6bn, 13% lower than the prior year due to intense competition, but growth resumed in 2H24.

Credit quality and provisions

• Arrears and hardships remained low, reflecting strong credit quality and effective collections.

• Provisions for doubtful debts increased for asset finance, with coverage rising to 84bps, while home loans provisioning decreased.

Profitability and outlook

• FY24 NPAT declined versus the prior year, mainly due to lower average home loans AUM and net interest margin compression.

• Unaudited normalised NPAT for FY24 is expected in the range of $42m–$44m, with further details to be provided on 29 August 2024.

• AUM growth momentum is expected to continue into FY25.