RMC - Resimac Group

every indication the housing market will be punished in the near future , but that might give a cheap entry , and so far it has shown the ability to survive against the whales

i would expect the divs to be trimmed when more mortgages are in stress , but they should still battle through ( after all not everyone qualifies for a home loan from the big 4 even at tiny interest rates .

Resignation of Chief Executive Officer (CEO)

Resimac Group Ltd (ASX: RMC, “Resimac”) advises that Mr Scott McWilliam has resigned from his employment with Resimac, after 21 years of service.

Mr McWilliam has been CEO for six years and before that was joint CEO for three years following Resimac’s merger with Homeloans Limited in 2016.

It is mutually agreed that Mr McWilliam will take a period of leave before his employment contract ends on 1 September 2024.

Mr Warren McLeland, Chair of Resimac, on behalf of the Board acknowledges the significant contribution Scott has made to Resimac and previously Homeloans, over a 21 year time span and wishes him continued success in his new endeavours.

Mr McWilliam said that he was proud of all that had been achieved in Resimac during his time as CEO, thanked the Board and his executive team for their support and wishes the organisation all the best for the future.

Resimac will commence a search imminently to find a permanent replacement CEO.

In the meantime, Non-Executive Director, Ms Susan Hansen will be appointed interim CEO.

-ENDS

i do not hold this share , but have just now lobbed in a small buy order ( to hopefully build i foothold on the way down )

Resimac FY24 trading update (unaudited)

Resimac Group Limited (ASX:RMC) provides the following FY24 trading update:
• Total settlements for FY24 were $5.1bn (FY23: $4.2bn) comprised of Home Loan settlements $4.3bn(FY23: $3.7bn) and Asset Finance settlements $0.8bn (FY23: $0.5bn).
• Assets Under Management (AUM) closed at 30 June 2024 at $14.0bn (FY23: $13.8bn, 1H24: $13.5bn)comprised of Home Loans $12.9b (FY23: $13.1bn, 1H24: $12.5bn) and Asset Finance $1.1bn (FY23:$0.6bn, 1H24: $1.0bn).
• The average Home Loans AUM for FY24 was $12.6bn, 13% lower v prior year due to the intense competition in FY23.
This continued into 1Q24 whereby the major lenders continued to offer customers cash back offers and attractive refinance rates.

Following the cessation of generous funding options provided by the Reserve Bank of Australia’s (RBA) Term Funding Facility (TFF), especially provided to the major commercial banks, the intense competition has to an extent abated in 2H24 with Resimac Group Home Loans experiencing a measure of growth for 8 consecutive months.

We expect AUM growth momentum to show further increase in FY25.
• Arrears and hardships remain relatively low across all product segments reflective of the underlyingcredit quality of the book supported by a strong collections / recovery capability.
• Provisions for doubtful debts increased in FY24, with collective provision coverage increasing to 84bps(FY23: 42bps) for the Asset Finance book to align with loss expectations and seasoning of the portfolio partially offset by a reduction in collective provisioning for the Home Loans portfolio
.• FY24 NPAT reduction v prior year was within expected range, driven by average Home Loans AUM reduction and NIM compression due to competition.
• Subject to finalisation, we expect FY24 unaudited normalised NPAT (excluding FV movements onderivatives) in the range of $42m – $44m.

Further details will be provided in our investor release andcall on 29th August 2024.

The financial guidance in this release is unaudited

i hold RMC ( a recent buy )

a second nibble , perhaps ??