Resimac Group Limited (AU:RMC) has released an update.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Resimac Group Ltd, a leading non-bank lender, reported a significant increase in its Asset Finance business, reaching $1.1 billion in assets under management in FY24, despite facing challenges in the mortgage market due to competitive pressures. Interim CEO Susan Hansen highlighted a rebound in mortgage originations in the latter half of the year and a focus on risk-adjusted returns. However, the company’s net profit after tax fell to $43.1 million from $73.7 million in FY23, primarily due to a decline in prime mortgage lending.
For further insights into AU:RMC stock, check out TipRanks’ Stock Analysis page.