Money3 Corp Ltd Rising demand for secured automotive loans
Rising demand for secured automotive loans:Money3 Corp Ltd (ASX: MNY) reported a record half-year FY17 revenue of $51.7 million and profit of $13.7 million representing a rise of 9.1% and 37.7%, respectively over prior corresponding period. Gross loan book increased to $247 million during the period which is up from $199 million in the prior corresponding period. MNY reduced bad debts as a percentage of loan book from 3.5% in H1 2016 to 2.5% in H1 2017. For the strong performance, the company reported dividend of 2.5 cents and a dividend reinvestment program with a 5% discount. The company also reported a 6.5% reduction in expenses. During the reported period, the company finished online lending platform integration into Money3 platform. Strong demand for secured automotive loans in the first half has led to an increase in the gross loan book by $38.1 million, which is now 78% of the gross loan book. Going forward, Money3 estimates its target market in Australia for automotive loan of about 700,000 loans per annum with Money3’s current run rate of approx. 14,000 for the financial year. Money3 has also taken steps to enhance its current $30 million funding facility to up $50 million for strong growth of the secured automotive loans business.
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