- Non-bank home loan lenders Resimac Group (RMC) gives a glimpse of its first half results for the 2022 financial year
- The company has already seen a record rise home loan settlements for the July to October period to $2.5 billion, up 72 per cent on the previous corresponding period
- Resimac is expecting the first home loan settlements to be around $3.3 billion at the end of the first half of FY22
- If the financial markets remain stable for the remainder of the first half, the company is expecting its normalised net profit after tax to be in line with or higher than 1H21
- On the market today, Resimac is down 0.28 per cent and is trading at $1.79 per share
Resimac Group (RMC) has given a glimpse of its first-half results for the 2022 Financial Year.
The non-bank home loan lenders saw a record home loan settlement for the July to October period of $2.5 billion, up 72 per cent on the previous corresponding period.
Resimac is expecting the first home loan settlements to be around $3.3 billion at the end of the first half of FY22.
In September, the company launched the homeloans.com.au brand campaign, coinciding with the end of lockdowns. October’s applicants were 70 per cent higher than the first quarter monthly average.
Home loan portfolio increased to $14.5 billion at the end of October, with an annualised growth of 15 per cent.
Recently, Resimac’s new loan origination system successfully went live in New Zealand, with the system to be rolled out in Australia just before Christmas.
This system will help the company’s origination process reach its targeted $8 billion home loan settlements for the 2024 financial year.
Additionally, Resimac’s new digital core banking system will roll out in New Zealand in mid-December, with the Australian version on track to be live in late FY22.
Assuming the financial markets remain stable for the remainder of the first half, the company is expecting its normalised net profit after tax to be in line with or higher than 1H21.
On the market today, Resimac was down 0.28 per cent and is trading at $1.79 per share at 11:21 am AEDT.