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- Judo Capital Holdings (ASX:JDO) announces the resignation of Joseph Healy, who has served as CEO of the company for the past seven years
- His successor, Chris Bayliss, currently Judo’s Deputy CEO and Chief Relationship Officer, will take over on March 19, 2024
- Judo Capital also released its financial results for the six months ending December 2023
- JDO last traded at $1.15
Judo Capital Holdings (ASX:JDO) has announced the resignation of Joseph Healy, who has served as CEO of the company for the past seven years.
He will be succeeded by Chris Bayliss, Judo’s current Deputy CEO and Chief Relationship Officer, who will assume the role on March 19, 2024.
Mr Healy will continue to advise Mr Bayliss until June 28, 2024, ensuring a smooth transition.
“It has been an absolute privilege to work alongside Joseph to build this unique bank,” Mr Bayliss said.
“A big part of what we see today… he can be proud to have been a crucial pillar for a business that now serves over 4000 SME customers with close to $10 billion in lending, and an industry-leading team who have never been more excited about the prospects for this company.”
Mr Bayliss has worked across multiple international banks and markets, holding senior executive roles at institutions such as Standard Chartered Bank in Singapore, National Australia Bank, Bank of New Zealand, and Yorkshire Clydesdale Bank in the UK.
“Joseph is a visionary who recognised that SMEs were being underserved by our Australian banks. Under Joseph’s leadership, Judo has changed Australia’s banking industry for the better, and reawakened the industry’s appetite to lend to Australian businesses. He is leaving a great legacy.” Judo Chair Peter Hodgson said.
Mr Bayliss will also be appointed as Managing Director when he commences as CEO.
Financial results
Judo Capital has also released its full financial results for the six months ending December 2023.
The company reported a 24 per cent increase in profit before tax (PBT) to $67 million.
The bank showed net lending growth of $800 million, three times the system business credit growth, and also improved lending margins.
The bank’s initiatives for the period, including strengthening funding and diversification efforts, contributed to its capitalised status and boasting a Core Equity Tier One ratio of 16.2 per cent as of December 23, the highest among Australian-listed banks.
“We are managing this bank dynamically, balancing margins, growth and risk given the prevailing economic environment. Size and specialisation are our key advantages, which we will continue to leverage to achieve optimal risk-reward economics,” Mr Healy said.
“We remain committed and on track to achieve our goal of being a world-class SME business bank, that delivers ROE in the low to mid-teens, continued above-system lending growth, and market-leading net promoter and engagement scores.”
Judo plans for accelerated GLA growth beyond FY24, with a profit growth target of 15 per cent or higher in FY25.
JDO last traded at $1.15.
