says Australians on the hook for unpaid bills are sticking with repayment plans despite accelerating cost of living pressures.
He was speaking as the Sydney-based company, which has 2400 staff from Australia to the US, outlined a big fall in profit for the first six months of this financial year from $50.2 million to $31.8 million. Dividends fell from 38¢ a share to 23¢.Spooked investors knocked the shares down from $21.64 to $19.80 in early trade, but the stock then bounced back to $21.82 by late afternoon trade.
Mr Beregi believed the growth might have followed the end of the COVID-related stimulus, when people with poorer credit records were potentially seeking to use such lenders. He said loan arrears were returning to pre-COVID-19 levels but remained within expectations.A “conservative” lending approach, the short-term nature of loans and the relatively small amounts would also help “contain risk should economic conditions deteriorate”, he said.
Productivity can drop when new staff arrive but Mr Beregi said the company had expected the US to have “done a bit better”. It would focus on basic issues such as training to improve the situation, he said.Unlike Australia, the US had a large supply of debt ledgers available and it had been buying large swaths, Credit Corp said.Its overall guidance for the year was to buy up to $295 million in debt ledgers overall, higher than earlier estimates of up to $260 million.
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