Money3 Corporation Limited (AU:SVR) has released an update.
Solvar Limited reported a strong financial performance for FY24, including a 5.0 cents fully franked final dividend, an 11.2% increase in its Australian loan book, and a normalized net profit after tax of $29.0 million despite a challenging economic environment. The company announced future growth strategies, including a focus on Australian consumer lending and the establishment of a dedicated commercial lending business, while ceasing new lending activities in New Zealand to reallocate resources. Solvar expects its loan book to reach between $930-$970 million in the upcoming period.
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