Credit Corp provided report on its first half of the 2023 fiscal year

Credit Corp Group Limited (ASX: CCP) announced results for its first half of the 2023 fiscal year:

During 1HFY23, Credit Corp reported a 32% growth in its consumer loan book to AU$331 million and is on track for record full-year consumer lending segment earnings.

• The company’s 1HFY23 net profit after tax declined by 30% to AU$31.8 million as compared to the previous corresponding period, primarily due to up-front loss provisioning and marketing expense from rapid loan book growth, costs rising from increased US resourcing and run-off in the core AU/NZ debt buying segment.
• The company expected to recover its earnings strongly over the second half, primarily driven by a record consumer lending segment result. Credit Corp now expects its FY23 Net Lending Volumes to be in the range of AU$140 million to AU$150 million, net profit after tax is expected to be in the range of AU$90 million to AU$97 million, and FY23 EPS is anticipated to be between 133 cents to 143 cents.

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