The Sydney-based non-bank lender, Wisr, has been reported to have increased its revenue by around 17.6 Million US Dollars for the fourth quarter (Q4) in the Fiscal Year 2022 (FY22). In addition to that, the company saw a 106% Personal Contract Purchase (PCP) growth in its loan book amounting to around 780 Million US Dollars, as well as delivered the greatest quarter of fresh loans at 186 Million US Dollars.
In order to preserve and defend margin and profitability, Wisr has continually raised loan rates until the fourth quarter (Q4) of the Fiscal Year 2022 (FY22) in response to the ascertained and anticipated rise in Cost of Funds (COF). The Weighted Average Yield of newly issued loans written in the month of July in comparison to the month of April this year (2022) has already increased by 130 Basis Points (BPS) as a result of these pricing modifications.
The Chief Executive Officer (CEO) of Wisr, Anthony Nantes, made a statement saying that the company has achieved a record of around 186 Million US Dollars in fresh loans, carried on with their uninterrupted loan growth for 24 quarters, 81% increase in revenue, loan book grown by 106% having an average prime 801 credit score, derived credit assets of great quality, priced the company’s 2nd Asset-backed securities (ABS) agreement with remarkable debt market support, and kept a good balance sheet in spite of the present economic climate.
The CEO further stated that Wisr is now more prepared than ever to increase its operational scale and leverage. The firm is well-positioned and well-equipped to address consumer demand for better financial services and products as a result of challenges posed by the high cost of living, and a rising rate cycle. Wisr has adequate capital and is generating a steady income. As the company starts the Fiscal Year 2023 (FY23) and outshines their coming term’s aim of a Billion US Dollars fully-owned loan book and generating a very profitable firm in the medium term, operational cost cutting is being implemented.
