13/09/2022 Credit Corporation results for first half of financial year 2022

Credit Corporation Half Year Results for FY22

Credit Corporation has continued to deliver positive results in the first half of financial year 2022, notwithstanding the volatile economic conditions and remnants of the pandemic.

Financial highlights
• NPAT up 19% to K63.0m
• Core operating profit up 27% to K62.9m
• Net interest margin at 12.4%, up 1.5%
• Return on Equity at 13.6%, up from 10.9%
• Total risk weighted capital at 42%, up from 34% in 1H21
• Dividend per share up 122% to 10.2 toea per share
• Earnings per share up 19% to 20.5 toea per share
• Finance division NPAT increased by 51% to K17.1m
• Property division core operating profit up 18% to K5.9m
• Dividend income of K48.4m from K38.4m in 1H21

Credit Corporation CEO, Danny Robinson said, “The outlook for the Group remains positive. As restrictions ease in parts of our business, we are seeing opportunities beginning to emerge helping to drive the business performance. With further improved economic growth forecasts, there is potential for benefits to flow through to multiple sectors”.
Mr Robinson further added, “We will continue to support the safety and job security of our people and caring for our customers as we ease out of the remnants of the pandemic”.
“Our five-year strategic pathway remains a key focus area. We continue to make progress on simplifying our business and growing our core finance company franchise while strengthening risk management and improving the credit quality of the portfolio through greater attention on collections”, Mr Robinson said.

To read more, click on the attached media release.