Resimac Group Ltd (ASX: RMC) expects to achieve asset finance settlement of AUD 1bn in FY24

4 min read | December 11, 2023 04:48 PM AEDT | By Team Kalkine Media

Google News:

Resimac Group Ltd (ASX: RMC) expects to achieve asset finance settlement of AUD 1bn in FY24 — Image source: IvanMichailovich | Shutterstock

Recent News

Santos (ASX:STO) After the Takeover Collapse: Bargain or Value Trap?

Why Pro Medicus (ASX:PME) Is Leading the Growth Stock Conversation

Is 360 (ASX:360) Amid ASX 200 Revealing Growth’s New Reality?

Why 360 (ASX:360) ASX 200 Is Facing a New Growth Test

Make Kalkine Media
My Trusted Source

Highlights

Resimac is an Australia based residential mortgage and asset finance company

In FY23, interest income of the company grew by 83.8% to AUD 902.1 million

ICM Limited has the maximum stake in the firm with a shareholding of 63.56%

Resimac Group Ltd (ASX:RMC) is an ASX-listed residential mortgage and asset finance company. It distributes specialist and prime products through multiple channels in New Zealand and Australia. The company focuses on servicing and originating a loan portfolio, assisted by an international funding program.

In the financial year 2023 (FY23), the company recorded normalised NPAT of AUD 73.7 million, a drop of 14% over the previous year, driven by extreme competitive pricing conditions and increased interest rates, resulting in decrease in demand for consumer credit.

In the reported period, interest income increased by 83.8% YoY to AUD 902.1 million, and the company’s asset finance business generated settlements of AUD 482 million.

The period saw roll out of a new asset finance origination campaign, a new digital loan management portal and a new origination platform for customers.

Top 10 shareholders of RMC

The top 10 shareholders of RMC have nearly 75.31% shareholding in the company, while top four have around 71.47% shareholding. ICM Limited and Motrose Proprietary Ltd. have the highest stake in the firm with a holding of ~63.56% and ~3.62%, respectively.

Recent business update

Through an ASX filing, dated 22 November 2023, the company informed that Somers Limited and associates have increased their voting power in the firm to 63.56% from 62.48%, as of 14 November 2023.

Outlook

In FY24, the company expects to record asset finance settlement of AUD 1 billion, driven by increase in broker penetration and new digital originations platform.

Moreover, the company will focus on optimising its new origination and banking platforms, advancing digitisation, invest in new technologies and undertake merger and acquisition opportunities in the asset finance and home loan segments.

Share performance of RMC

RMC shares closed 1.14% higher at AUD 0.89 apiece on 11 December 2023. With this gain, RMC shares have dropped by 7.78% in the past 12 months and in past one month, it has increased by 2.30%.

The 52-week high of RMC is AUD 1.375, recorded on 18 January 2023, while the 52-week low is AUD 0.845 apiece, recorded on 13 April 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 11 December 2023. The reference data in this report has been partly sourced from EODHD/Others.

Disclaimer

This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.