Prospa loan originations outpace forecasts

The SME lender has announced that its loan originations have exceeded prospectus forecast figures, but revenue figures are set to miss the mark.

In a notice to the ASX, Prospa has revised its financial performance forecasts from the company’s prospectus, and announced that it expects its loan originations to be above prospectus forecast figures for both the full 2019 calendar year and for the first half of financial year 2020 (1HFY20)

Prospa expects loan originations figures for the full 2019 calendar year (CY19) to be 2.7 per cent above its prospectus forecast at $574.5 million, and up 32 per cent from CY18.

Further, in the first four months of FY20, loan originations were up 40 per cent from the same period in FY19, with Prospa growing its loan customer numbers to 24,000.

The company now expects total originations for FY20 to be in the range of $626 million to $640 million, an increase of between 25 per cent and 28 per cent on FY19, and loan book revenue to be at least $150 million.

Prospa’s total loan book currently sits at $1.3 billion.

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Source: Prospa loan originations outpace forecasts – Mortgage Business