Full Year 2024 Humm Group Ltd Earnings Call Transcript
Key Points
- Humm Group Ltd (ASX:HUM) achieved a record level of $5 billion in receivables, marking an 18% increase.
- The company realized significant cost savings of $13.6 million in the second half of the financial year.
- Net interest margin stabilized at 5.5% in the second half, despite previous periods of rapid interest rate increases.
- Credit losses were maintained at historic lows of 1.8% of average net receivables.
- The company reported a $7.1 million statutory profit, up from $2.9 million in the previous year.
- Normalized cash profit after tax decreased by 19% compared to the prior year.
- Operating expenses remain a concern, despite significant cost-saving measures.
- Losses from suspended products were still notable, amounting to $15.9 million in FY24.
- The commercial business saw an increase in net losses due to higher volume growth in previous years.
- The consumer business experienced margin compression and reductions in origination costs.
Good day, and thank you for standing by. Welcome to the hummgroup full year '24 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Stuart Grimshaw, Chief Executive Officer. Please go ahead.
Thank you. Good morning, and thank you for joining us today. As we release the financial 2024 results for hummgroup Limited. My name is Stuart Grimshaw, and I'm Chief Executive Officer of hummgroup. Also joining me today is Adrian Fisk, our Chief Financial Officer; and David Grevler, our Head of Investor Relations.
On slide 3, you'll see the agenda for today. And Adrian, I will walk you through the slides. We'll start by turning to slide to page 5 with the highlights for the year presented. The year was characterized by the comparative performance of the financial half years. The half year on half year comparison demonstrates the efforts of management
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