Judo Capital Holdings Limited (ASX:JDO) (“Judo Bank” or “Judo”) today announced 1H22 pro forma profit before tax of $3.0 million, up from $(0.7) million in 2H21.
Judo reported a 1H22 statutory net loss after tax of $16.1 million due to one-off costs associated with the IPO. A reconciliation between the pro forma and statutory results is included in the 2022 Half Year Report.
Judo Bank reported Gross Loans and Advances (GLA) of $4.85 billion, up 37.8%, and Net Interest Income (NII) of $73.5 million, up 48.5%.
CEO Commentary.
Judo’s CEO and co-founder, Joseph Healy, said that Judo’s half year result reflects the Bank’s rapid progress to becoming a scale player in Australian banking.
“Judo has delivered a strong first half result underpinned by growth in our loan book together with an improvement in underlying margins.
“Judo’s purpose is clear – to be the most trusted SME business bank in Australia. We are confident that we have the right strategy in place with a clear aim of expanding the reach of our banking services so that more SMEs across Australia have access to a relationship bank that listens, understands, and boldly backs business.
“I am proud of our team and the customer-obsessed culture we have at Judo. This is supporting our ability to grow by attracting and retaining top bankers who are passionate about bringing back the craft of relationship banking. Banking as it used to be, banking as it should be.
“We are delivering on our plans and running the business with discipline and focus. Our relationship- focused lending model has proved particularly valuable in the current environment and allowed our bankers a more complete understanding of our customers and their businesses as they continue to adapt.
“While the impacts of COVID-19 continue to create uncertainty, our customers are adapting and are in good financial health.”