At a time when debt agreement numbers are tumbling fast, these guys managed to only drop debt agreement amounts managed by 5%... and PIA/bankruptcy client numbers increased. Similarly, they cut operating expenses in this segment by over $1m, meaning profits rose for the services segment (on FY18, which also reflects AASB15 changes)
Further, the personal loan book had a 30 day arrears of just over 3%, and a loss rate much lower than that. The Personal loans segment now delivers about 25% of PBT, with a 50% margin on its revenues.
I can't wait until these guys start securitising loans. The loan performance is outstanding relative to NIM.
FSA Price at posting:
$1.04 Sentiment: Buy Disclosure: Held
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