Resimac Group Ltd
ASX:RMC
Resimac Group Ltd
Resimac Group Ltd. engages in the provision of mortgage origination and management of home loans. The company is headquartered in Sydney, New South Wales. The company went IPO on 2001-03-19. The firm is focused on distributing prime and specialist products across multiple channels. The firm primarily operates in Australia and New Zealand, originating a high-quality loan portfolio, loan servicing capability, and global funding program. The company offers a full suite of lending products to consumers and commercial borrowers across its wholly owned subsidiaries. These products include residential home loans, consumer finance, and small and medium enterprises (SME) finance. The firm also offers home loans directly to consumers via its homeloans.com.au brand, with a range of smart and transparent home loan solutions that borrowers can apply for using its end-to-end online application. The firm's wholly owned subsidiaries include RESIMAC NZ Home Loans Ltd, RHG Home Loan Pty Ltd, The Servicing Company Pty Ltd and others.
Resimac Group Ltd. engages in the provision of mortgage origination and management of home loans. The company is headquartered in Sydney, New South Wales. The company went IPO on 2001-03-19. The firm is focused on distributing prime and specialist products across multiple channels. The firm primarily operates in Australia and New Zealand, originating a high-quality loan portfolio, loan servicing capability, and global funding program. The company offers a full suite of lending products to consumers and commercial borrowers across its wholly owned subsidiaries. These products include residential home loans, consumer finance, and small and medium enterprises (SME) finance. The firm also offers home loans directly to consumers via its homeloans.com.au brand, with a range of smart and transparent home loan solutions that borrowers can apply for using its end-to-end online application. The firm's wholly owned subsidiaries include RESIMAC NZ Home Loans Ltd, RHG Home Loan Pty Ltd, The Servicing Company Pty Ltd and others.
Normalized Profit: Normalized NPAT was $104.4 million, but excluding a one-off noncash gain, it decreased to $86.2 million.
Home Loan Growth: Home loan portfolio surpassed $15 billion for the first time, with settlements up 30% year-over-year.
Asset Finance Momentum: Asset finance settlements reached over $400 million, up 200% from the previous year.
Margins: Net interest margin decreased by 26 basis points for the year, pressured by increased funding costs and lower yields.
Conservative Provisions: The company increased collective provisions, taking a more conservative approach than peers.
Dividend: Full-year dividend declared at $0.08 per share, fully franked.
Guidance: Asset finance target of $1 billion settlements for FY 2024 maintained; outlook for home loan growth more subdued.
