Resimac Group has announced a normalised net profit after tax (NPAT) of $43.1 million for FY24, a 42% drop compared to the previous year, while its statutory NPAT was $34.8m, down 47% from FY23.
Despite these declines, Resimac saw significant growth in asset finance, with originations up 21% to $5.1 billion.
“Resimac has progressed on its strategic objectives in an economically challenging environment,” Interim CEO Susan Hansen (pictured above) said.
The company’s asset finance portfolio grew by 76%, with assets under management (AUM) in this segment increasing to $1.1bn.
Hansen stressed the importance of diversification, stating, “The asset finance business underscores our diversification strategy and remains a priority.”
This growth contributed to an overall 2% increase in AUM, reaching $14bn.
Resimac reported a 28% increase in active broker numbers compared to FY23, reflecting its commitment to broker partnerships and customer-centric growth.
Resimac also reduced operating expenses by 3.3% while investing in technology upgrades.
“The group remains committed to executing its digital transformation roadmap which includes key platform upgrades and automation enhancements,” Hansen said.
Looking ahead, Resimac has started FY25 with a strong balance sheet and a stable funding platform.
Hansen expressed confidence in the group’s future, highlighting improved technology, an expanding broker network, and a capable team.
“We’ve seen improved new issuance margins... and we have commenced FY25 with a strong balance sheet,” Hansen said, signaling optimism for the upcoming financial year.
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