Q3 2024 goeasy Ltd Earnings Call Transcript
Key Points
- goeasy Ltd (EHMEF) reported its strongest quarter in history with record originations and earnings.
- Loan originations reached a record $839 million, a 16% increase from the previous year.
- The company issued approximately CAD700 million in senior unsecured notes to enhance debt funding capacity.
- The dollar-weighted average credit score of loan originations was the highest in company history at 624.
- The efficiency ratio improved significantly to a record 23.1%, indicating better operating leverage and productivity.
- The overall portfolio yield was slightly lower than forecasted due to increased growth in lower APR secured loan products.
- There was a modest elevation in delinquencies, with total portfolio delinquency slightly higher than the previous year.
- The loan loss provision rate rose slightly, indicating potential future credit risk.
- The company is experiencing a challenging macroeconomic environment, impacting credit performance.
- The transition of the CEO role may introduce uncertainty as the company searches for a seasoned executive.
Good morning. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the goeasy Limited third quarter 2024 earnings conference call.
(Operator Instructions).
Mr. Farhan Ali Khan, you may begin your conference.
Thank you, operator, and good morning, everyone. My name is Farhan Ali Khan, the company's Chief Strategy and Corporate Development Officer, and thank you for joining us to discuss goeasy Limited's results for the third quarter ended September 30, 2024. The news release, which was issued yesterday after the close of market, is available on Cision and on the goeasy website. Today, Chicken Jason Mullins, President and CEO, will review the results for the third quarter and provide an outlook for the business; Hal Khouri, the company's Chief Financial Officer, will provide an overview of our capital and liquidity position; Jason Appel, the company's Chief Risk Officer is also on the call for
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