Ann: Judo Update on Strategy and Financial Performance, page-2

Decent update. PBT is trailing off though, apparently due to the seasonality of expenses.

• $26m PBT for the quarter.
• 90 DPD up 0.9% QoQ, but dropping in April (noting it was influenced by a small number of loans)
• Maintain cost of risk at $60-70m FY24
• FY24 PBT guidance 107-112 downgraded to 100-105 due to one-off non-recurring items.
• YTD NIM of 2.98% (the item which was ambiguous and caused the mass sell off last year.
• On track to have deposits funding 60% of lending

Trading around P/E 21, so still priced for to grow to $15b - $20b loan book. Looks fully valued for now.

This new "Chief Strategy and Growth Officer" better keep Judo growing and the ROE back into the double digits.