MONEYME continues delivery of statutory profits

ASX-listed MONEYME have announced the release of its interim financial report and results for the 6 months to 31 December 2023.

MONEYME delivered a solid first half result with $6 million in NPAT, reflecting technology-driven cost efficiencies, strong credit performance, and effective interest rate management.

It increased originations in the half to $277 million, maintaining its book balance relatively stable, while continuing the shift to high credit quality assets.

The stronger credit profile of the book delivered a net loss rate of 4.6% for 1H24, a further reduction from 2H23 and 1H23.

MONEYME continues to execute its key strategies, which include extending its technology advantage through product innovation, automation and expanded AI capabilities, optimising the business for future growth, capitalising on the significant market opportunity to grow its award-winning car loan product, and strengthening its cybersecurity defences.

MONEYME also confirmed it is developing an internal application leveraging generative AI to speed up and enhance the accuracy of customer service responses, with a beta version of the tool set to launch in 2H24.

Clayton Howes (pictured), MONEYME’s Managing Director and CEO said, “MONEYME delivered a solid first half result with $6m in NPAT, reflecting technology-driven cost efficiencies, strong credit performance, and effective interest rate management. We increased originations in the half, maintaining a relatively stable book balance, while continuing the shift to high credit quality assets.

“The stronger credit profile of the book delivered a net loss rate of 4.6% for 1H24, a further reduction from 2H23 and 1H23. Our loan book now has an average Equifax credit score of 741 and 48% secured loan assets, both up on the prior periods. The strength of our loan book portfolio has also been recognised by two recent Moody’s credit rating upgrades of our term securitisations.

“MONEYME continues to execute its key strategies, which include extending our technology advantage through product innovation, automation and expanded AI capabilities, optimising the business for future growth, capitalising on the significant market opportunity to grow our award-winning car loan product, and strengthening our cybersecurity defences.

“Our current strategy and proven agility position us well to deliver increased scale and returns as conditions evolve.”