Judo Bank has reported a sharp rise in impaired loans and staff-related expenses, albeit within prospectus forecasts, as the business lender hit profitability and remained on track for loans to triple over the next four years.
All targets for FY2022 as set out in its prospectus before its November 2021 float were exceeded. Its net interest income doubled to $170 million. “Our low ratio of customers to bankers means that we can work closely with our customers to navigate changes in the operating environment,” CEO Joseph Healy said in a statement.Judo shares are down 6 per cent over the past week to $1.22, after listing 10 months ago at $2.10. They have lost 43 per cent over the calendar year.Judo reported a stronger margin on the back of higher interest rates. Its net interest margin of 2.84 per cent was up 0.
as the Reserve Bank works to rein in inflation while trying to avoid a recession, a situation he described then as a “cocktail of circumstances for which there is no precedent”.
Source: Loan News Today (loannewstoday.net)
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