The WZR Q1 Update today was definitely a step back in the right direction - with all business metrics improving.
I especially liked the:
Higher originations figure of $77.3m - up 40% on the previous quarter
NIM expansion to 5.64% (up from 5.35% twelve months ago) - with a Sept 2024 run rate NIM of a high 6.47%
Significant reduction in both Nett Losses and in 90 Day Arrears
Unrestricted cash amount continuing to improve - now at $23.7m
The above figures will certainy help the financials for WZR going forward - particularly as they get over the $1b loan book.
However, WZR's loan book is now only $753m - so as previously mentioned, they really need to get cracking & hit $100m + each quarter in new loan originations.
And this part at the end of the report really annoyed me (see below in bold) - as after their performance over the past few years, I still cannot believe that WZR Management have decided to continue to issue themselves massive amount of Performance Shares (as per my previous posts on this issue).
Performance Rights
At the end of the quarter, 29,332,888 performance rights issued to employees under the Company’s long-term incentive plan, vested. None of these rights have yet been exercised.
IMO, today's report was a "decent step" in the right direction for the business, and hopefully everything will continue to improve for WZR from here.
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