Latitude Group has reported a substantial increase in first-half profit, driven by higher lending and increased spending volumes. The company announced a dividend payout as receivables reached a five-year high. Statutory net profit after tax surged to $39.7 million for the six months ending June 30, representing a 341 per cent increase compared to the previous year. Cash net profit also saw significant growth, rising 69 per cent to $46.2 million. In light of these strong results, the board has declared an unfranked interim dividend of 4¢ per share.
Total new volumes experienced a 12 per cent increase, reaching $4.2 billion. This figure includes $3.5 billion in purchase volumes, which were positively influenced by the David Jones card partnership, and a record $783 million in new personal and auto loans. Latitude Group provides consumer finance products such as personal loans, credit cards, and insurance to customers in Australia and New Zealand. It also offers retail finance solutions.
Managing director Bob Belan commented that these results mark another positive step for Latitude, reflecting the company’s focus on strategy, business simplification, and the delivery of commercial and operational fundamentals. He noted that Latitude remains focused on simplifying its business and delivering on commercial and operational fundamentals.
Looking ahead, Latitude anticipates continued momentum in the second half of the year. This outlook is supported by expectations of easing interest rates, disciplined margin management, and targeted investments in new products and technology.