MONEYME returns to growth with $1.2 billion loan book and net profit of $23 million
ASX-listed fintech lender MONEYME Limited have announced its results for the financial year ending 30 June 2024 (FY24) as the company returns to growth.
Loan originations increased 23% to $574 million in FY24 ($466m, FY23), illustrating a return to growth in 2H24 which is expected to continue in FY25.
Loan book increased by 6% to $1.2 billion in FY24 ($1.1bn, FY23), primarily reflecting an increase in secured car loan originations, with secured assets increasing to 55% of the loan book (44%, FY23).
MONEYME achieved revenue of $214 million in FY24 ($239m, FY23), reduced by 10% in line with a higher proportion of secured assets. Operating costs reduced by 7% to $48 million ($52m, FY23) while the loan book grew by 6%, reflecting increased operating leverage from our scale and technology advantages.
Commenting on the results, Clayton Howes, MONEYME’s Managing Director and CEO said, “We are very pleased with MONEYME’s performance and results in FY24, ending the financial year with a larger and stronger loan book, maintained profits, increased operating leverage, and a positive outlook for FY25.
“With a 23% increase in new loan originations, we marked our return to growth and expanded the loan book to $1.2 billion, while simultaneously building its credit profile. Secured assets now comprise 55% of the total loan book, while the average Equifax credit score sits at 763. Our shift to higher credit quality and secured assets achieved lower credit losses and, in turn, reduced our provisioning.
“We delivered a statutory net profit after tax of $23 million, up from $12 million in FY23, reflecting scale and technology advantages, healthy revenue, higher credit performance, and a realised deferred tax asset.
“Our relentless focus on innovation continues to drive operational efficiencies and strong customer satisfaction, while our B Corp Certification helps ensure we contribute to a more inclusive, equitable and sustainable society.
“Looking ahead, we will continue to execute on our strategy, extending our technology advantage, prioritising higher credit quality and secured assets, expanding our funding program for capital-efficient growth, and deepening our ESG impact. With this, we are confident that we will deliver loan book growth and profitable returns in FY25.”
Disclosure: At the time of writing, Australian FinTech Pty Ltd is a shareholder of MONEYME Limited.
