- humm group’s (HUM) buy now, pay later segment led the charge over the March quarter, meanwhile card volumes suffered under travel sector exposure
- The ASX-lister reported a record transaction volume for its BNPL segment in March 2021 of $100.8 million, with volumes for the quarter up 33 per cent on the prior corresponding period
- Australian and New Zealand card volumes were down 38 per cent and 16.3 per cent respectively, which humm attributed to its exposure to the travel sector
- Overall, humm managed to improve its net loss to $18.7 million, down 31.4 per cent on the prior corresponding period with humm’s Chief Executive Officer Rebecca James affirming the company had performed strongly over the quarter
- humm group shares are off 0.57 per cent trading at 87 cents
humm group’s (HUM) buy now, pay later segment led the charge over the March quarter, meanwhile card volumes suffered under travel sector exposure.
The ASX-lister reported a record transaction volume for the BNPL segment in March 2021 of $100.8 million, with volumes for the quarter clocking in at $255.3 million, a 33 per cent increase on the prior corresponding period.
However, its Australian cards volume was a weaker performer, totalling $104.8 million in 3Q21 marking a 38 per cent decrease, which HUM attributed to its travel sector exposure.
New Zealand Cards volume was also down 16.3 per cent, however, the company affirms the portfolio remains profitable and is beginning to stabilise.
Total humm group customers were reported at 2.7 million as at March 31, representing a 40 per cent increase over the period, with 303,900 app downloads reported.
humm also managed to improve its net loss to $18.7 million, down 31.4 per cent on the prior corresponding period.
humm’s Chief Executive Officer Rebecca James said the company had performed strongly over the quarter.
“humm group has performed strongly with our bigger buy now pay later product — and the ability to finance larger ticket items over longer terms — continuing to be a key point of differentiation,” she explained.
“The business delivered record transaction volume for our BNPL segment in March of $100.8 million, eclipsing peak seasonal trade, normally reserved for December
Looking ahead, the company affirms its credit performance remains robust but will continue to take a prudent approach by monitoring the potential impact on arrears and losses from changes to government stimulus.
humm group shares are off 0.57 per cent trading at 87 cents at 11:36 am AEST.