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- Digital lender MoneyMe (MME) releases its FY23 results
- The company posted a record cash NPAT of $24 million and a statutory NPAT of $12 million
- Gross revenue also totalled $239 million, with Q2 the most profitable at $64 million
- MME’s credit cards saw more than a million transactions made over FY23
- Shares last traded at 7.6 cents
MoneyMe (MME) has unveiled its FY23 results, reporting a record cash net profit after tax (NPAT) of $24 million and a statutory NPAT of $12 million.
Gross revenue also reached record highs at $239 million, with the most profitable quarter being Q2 at $64 million.
The company has consistently reduced cost overheads, reducing its office operating cost-to-income ratio to 22 per cent, down from 40 per cent at the end of FY22.
Customer receivables underline the company’s growing presence in the Australian market, with gross customer receivables totalling $1.1 billion in FY23, a slight decrease from $1.3 billion in FY22.
MoneyMe’s Autopay vehicle financing product contributed $446 million worth of customer receivables, with the average car price financed in FY23 being $35,560.
As of the end of FY23, more than 2500 brokers and dealers have been onboarded, aided by a sub-five-minute settlement time, facilitating growth.
Personal loans, up to $50,000, recorded receivables of $192 million, with an average funded loan value of $12,830. Loans up to $70,000, requiring a slightly higher credit score, generated $313 million in receivables, with an average loan price of $21,360.
The company’s “freestyle credit card” accumulated $188 million in receivables, with over one million transactions conducted on the cards in FY23, featuring an average transaction price of $55.
MoneyMe’s net interest margin (NIMs) remained steady at 12 percent compared to FY22.
In FY23, MoneyMe acquired privately held SocietyOne, resulting in cost savings of $20 million and ongoing annual savings due to cross-operational streamlining.
The company’s customer user base continues to be defined by higher quality customers, with the average customer Equifax profile rising to 727, up from 704 at the end of FY22.
“We delivered a statutory NPAT of $12 million and a robust cash profit of $24 million, with gross revenue reaching a record $239 million, a 67% increase from FY22,” MME Managing Director and CEO Clayton Howes said.
“I am also proud to announce MONEYME’s B Corp Certification in August 2023, a testament to our significant environmental, social, and governance (ESG) strides in FY23.
“Looking ahead, we will focus on readying the business for growth when the market conditions are suitable through extending our technology advantage, further improving the credit profile of our portfolio, simplifying, and focusing the business by removing non-core products, and strengthening our information security and data protection.”
MME shares last traded at 7.6 cents.
