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Highlights
Wisr achieves 54% growth in loan originations, reaching a total of $77.3 million for the first quarter of FY2025.
Significant reduction in 90-day arrears to 1.4% and net losses down to 2.06%, reflecting robust credit quality and enhanced collections processes.
The total loan book decreases by 15% due to a strategic approach to moderated growth, while average credit scores remain strong at 782.
Australian non-bank lender Wisr (ASX:WZR) has reported impressive growth in loan originations, posting a 54% increase to $77.3 million for the first quarter of the 2025 financial year, compared to $50.1 million in the same period last year. This surge in originations is complemented by a reduction in 90-day arrears to 1.4% and a decrease in net losses to 2.06%, underscoring the company’s ongoing credit strength and the positive impact of its improved collections processes.
Notably, secured vehicle loan originations surged by 67%, while personal loan originations saw a 49% increase, highlighting significant market opportunities for future scaling.
Despite the growth in originations, Wisr's total loan book has contracted by 15% to $753 million from $887 million in the previous corresponding period. This reduction aligns with a deliberate and moderated growth strategy implemented throughout 2024. Consequently, quarterly revenue fell to $22.5 million, down from $24.3 million, reflecting the loan book's decrease.
The average credit score of the loan portfolio remained robust at 782, an increase from 780 in the prior period. Furthermore, the company achieved an expansion of its portfolio net interest margin by 29 basis points, reaching 5.64% through effective front-book repricing initiatives and enhancements to funding margins.
On the cash flow front, Wisr reported unrestricted cash of $23.7 million at the end of the quarter, representing a 17% increase from the previous year. The company continues to benefit from two renewed warehouse facilities with improved pricing, totaling a commitment value of $650 million and an undrawn capacity of $194 million. Additionally, a corporate facility from a global financial services provider remains available to support growth initiatives.
Wisr's CEO Andrew Goodwin noted the successful delivery of the first full quarter of growth since transitioning from moderated growth settings in the previous financial year. He emphasized the importance of maintaining loan book quality while achieving yield improvements and a strong average credit score. The outlook remains positive, with ongoing enhancements in unit economics and positioning for continued growth towards profitability and self-sustaining capital status.
