Prospas Q3 FY24 Performance Overview

Prospa Group Limited (ASX: PGL) reported its Q3 FY24 trading update, showcasing a 7.7% decrease in closing gross loans to AU$822.1 million compared to the prior corresponding period. Revenue dropped by 7.3% to AU$69.3 million, attributed to a reduction in the portfolio. Despite this, active customers increased by 3.0% to 21,500. Prospa emphasized managing credit performance and attracting premium grade customers.

The company successfully priced its third public asset-backed securities offering of AU$200 million. Operating expenses were reduced, and technology re-platforming progressed. Prospa focused on addressing credit performance amid macroeconomic uncertainty, resulting in a decreased Net Interest Margin (NIM) of 25.7%. Access to secured funding facilities decreased to AU$890.5 million. The outlook remains cautious, prioritizing credit quality and strategic expansion. The Scheme process continues according to the set timetable.

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