Sharechat Logo

Harmoney Corp Limited (NZX: HMY) H1 FY21 Business Update

Wednesday 20th January 2021

Text too small?

Harmoney Corp Limited, Australasia’s largest online direct personal lender, advises that it has exceeded its loan origination forecasts for the six months to 31 December 2020 (on an unaudited basis), delivering total loan originations of NZ$194m for the period, 2% ahead of Prospectus forecasts.

Commenting on the update, CEO and Managing Director, David Stevens, said:

“We are really excited with our loan origination momentum in the quarter ended 31 December 2020 (Q2 FY21). Our recent quarterly performance reflects a significant return to pre-COVID lending volumes, with 47% growth experienced in the December quarter across the Australian and New Zealand markets. This is a volume recovery which we expect to sustain into the second half, as consumers demand more agile, flexible and convenient online borrowing experiences.

Our strategy to limit new loan originations during the COVID-19 impacted period meant our loan growth slowed year-on-year. However, in line with the wider economic recovery, we have adjusted credit settings and ramped up marketing activity with a focus on attracting a strong pipeline of high quality borrowers in Australia and New Zealand. Our technology-based Stellare™ platform is delivering more aggressive growth in FY21, and is supported by the recent addition of our third warehouse facility.”

Operational update

In Q2 FY21, Harmoney’s New Zealand loan originations were 44% higher at NZ$89m, versus NZ$62m in Q1 FY21. In Australia, a market which Harmoney entered in 2017, loan origination increased by 69% to NZ$27m in Q2 FY21 versus NZ$16m in Q1 FY21.

Harmoney has now originated over NZ$1.9 billion in personal loans, serving more than 48,000 customers across New Zealand and Australia with a total current loan book of approximately NZ$469m as at 31 December 2020.

Harmoney’s loan portfolio continued to demonstrate strong credit performance with Group 61+ day arrears declining to 1.3% down from 1.6% as at 30 June 2020. 90+ day arrears also further declining to 0.58% down from 0.98% as at 30 June 2020.

Harmoney will update the market further with its audited H1 FY21 results for the half year ending 31 December 2020, scheduled for release on Wednesday 24 February 2021.

See the link below for more details:

Harmoney exceeds loan origination prospectus forecasts

Source: Harmoney Corp Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Good Spirits Hospitality Limited (NZX: GSH) Half Year Results to 31 Dec 2020
NZ Automotive Investments Limited (NZX: NZA) FY21 Earnings Guidance
T&G Global Limited (NZX: TGG) 2020 Full Year Results
Vista Group International Limited (NZX: VGL) Vista Group in the Box Seat for the Future of Movies
Private Land and Property Fund (NZX: PLP) Change in Harvest Estimates
Allied Farmers Limited (NZX: ALF) FY21 Half Year Report
New Zealand Rural Land Company Limited (NZX: NZL) Interim Report to 31 December 2020
Seeka Limited (NZX: SEK) Announces its 31 December 2020 Result
Evolve Education Group Limited (NZX: EVO) Announces Results for Year Ended 31 December 2020
Port of Tauranga Limited (NZX: POT) Reports Improved Profits

IRG See IRG research reports