You guys might find something of interest in this report about credit demand in NZ
https://www.equifax.co.nz/news-media...demand-dec2022
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You guys might find something of interest in this report about credit demand in NZ
https://www.equifax.co.nz/news-media...demand-dec2022
HMY surely due an update...last year we had it by now.
wonder what that 90day arrears rate is sitting at
I think one can safely call this a sensational performance especially w/ respect to the operating environment
https://cdn-api.markitdigital.com/ap...df02a206a39ff4
was also particularly heartened w/ the comment they plan to access the public securitisation markets for both NZ and AU this year. if they can get that away in this environment its a real credit to their operating model, and approximately halves the equity capital requirement from harmoney to write a new loan relative to warehouse funding.
Another great update.
Book growth.
Arrears steady.
What is cash NPAT?
What does that leave out again? Was it Amort and dept and the provision expense or something?
You got it - D&A, share issue expenses, and then the movement in provision.
I personally ignore their calc as to ignore D&A when they are capitalising I reckon is madness. Same on the share issue expense. On a call they argued it was a v good proxy for operating cashflow. Nearly all banks / FIGS talk to cash npat but there is 0 consistency in how they calculate it. But amount non bank lenders particularly HMY’s peer group they record it the same.
Movement in provision I have some sympathy for given the sheer growth of the book will always create a large movement in provision - and can sorta double count the aggregate credit loss of at various stages of the life of the loan (the initial change in provision is recorded + all the actual incurred credit losses also included in the P&L).
Trusty reported stat npat remains the gold standard and may be some time before that is consistently profitable.
I may get excited or not when the accounts come out and I can determine that the broad picture is still a positive one.
Disc: hold
Yeah another good announcement as we were expecting. Now we need a insto to dish out some cash and get on board to light a fire.
Grim
https://www.stuff.co.nz/business/131...ing-households
More than 400,000 people ended last year behind in their repayments on loans, power bills and other credit contracts, data from credit reporting company Centrix shows.
There were 17,200 households behind on their home loans.
Centrix chief executive Keith McLaughlin said people behind on their payments represented just over 11% of the “active credit population”.