ASX Latitude Financial Services has reported their FY Earnings, whilst at the same time Ahmed Fahour AO CEO has announced his retirement.
• Statutory NPAT of $30.6 million
• Cash NPAT of $93 million, above consensus forecast of $90 million
• 1H22 dividend of 7.85 cents per share fully franked, unchanged from 2H21 and 1H21, including a dividend reinvestment plan
• Strong Balance Sheet: Surplus TER of 9.2% ahead of 6-7% target range; prudent provisioning with loss coverage at 3.74%; $2 billion of funding headroom and no requirement to access debt markets for the next 12 months; high margins (NIM 11.3%) and room for product re-pricing
• Operating expenses of $174 million, down 9% on 2H21 and flat against 1H21 despite additional costs of being publicly listed and Symple Loans integration
Commenting in an ASX announcement Managing Director and CEO Ahmed Fahour said :
“The Cash NPAT result of $93 million, which is above consensus forecast, and our strong underlying balance sheet highlight Latitude’s competitive and strategic advantage at a time of economic uncertainty. We have positioned the business to take advantage of the growth opportunities that we believe will emerge in the next 12-18 months."
Latitude Financial Services is listed on the ASX under the Code: LFS