Prospa announce quarterly originations of $149 million

ASX-listed Prospa Group have provided an unaudited trading update for the quarter ending 30 June 2024*.

Quarterly originations were $149 million, a 4% decrease on pcp (Q4 FY23: $155 million), as Prospa continued to adopt conservative risk settings in response to a challenged macroeconomic environment. Overall, FY24 originations were $616 million, 18% down on pcp (FY23 $753 million).

Consistent with the FY24 originations trend, closing gross loans ended the quarter and year at $796 million, 8% down (FY23: $862 million). Active credit customers dropped to 19,990, a decrease of 2% in the year.

Net bad debts were 13% of the average gross loans of $821 million for FY24, an increase of 27% in the year.

Notwithstanding this, net bad debts as a percentage of average gross loans have trended downwards in H2 FY24 to 12%.

As of 30 June 2024, Prospa had access to $956 million of secured funding, a 4% increase on pcp (Q4 FY23: $921 million), of which $208 million was undrawn (Q4 FY23: $140 million). Total cash ended the year at $127 million (FY23: $97 million), of which $19 million was unrestricted (FY23: $14 million unrestricted), excluding the $12 million corporate debt facility with iPartners.

* These metrics are draft, unaudited and remain subject to change.