Resimac Group (ASX:RMC) warned that it is "probable" to miss its net profit after tax guidance for fiscal 2025 due to higher collective provisioning in the first half, according to a Tuesday filing with the Australian bourse.
Fiscal half-year normalized net profit after tax, excluding fair value movements on derivatives fell 12% to AU$15 million from $17.1 million in the second half of fiscal 2024. The company attributed the decline to an increase in arrears and recorded net write-offs of AU$6.5 million within the asset finance business, compared with AU$2.9 million for the previous period, the filing said.
Operating profit before impairment expense rose 20% to AU$35.9 million from AU$29.9 million.
Meanwhile, Resimac said it is "confident" that it will achieve operating profit consensus for fiscal 2025.
The non-bank lender's shares tumbled 11% in recent Tuesday trade.
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