Bad debts and arrears are climbing, at least in the core Australian business, of consumer lender Zip Co, while receivables are in decline broadly.
A June quarter trading update released yesterday shows Zip’s arrears in Australia and New Zealand increased to 3.46 per cent over the June quarter from 2.72 per cent in the March quarter.
‘Net bad debts’ Zip said were 4.69 per cent in June, from 3.49 per cent in March.
Zip said the increase in net bad debts over the quarter was “driven by seasonality [and] softening in the external environment.”
Ann: Trading Halt, page-329
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