Judo Bank shares soar on strong half-year results
Make us a preferred source
Make us a preferred source on Google
More news: Judo Bank shares surged 14% at the start of trading on Tuesday, after the bank reported a profit before tax rise of 24% to $67 million for the first half of the financial year.
Judo Bank reports 24% boost in first-half profits
The news: Australian neobank Judo Bank reported profit before tax of $67 million in its first-half trading update, up 24% for the six-month period.
The numbers: Judo also recorded a net interest margin of 3.02% for the half-year period, with FY24 estimates in the 2.85-2.9% range. The Victoria-based bank said it expects second-half profit before tax of $40-45 million, and profit before tax of $107-112 million for the full financial year.
The context: The bank explained in its trading update that the strong result was driven by continued above-system lending growth, strong net interest margins and minimal write-offs. Judo’s full first-half results will be released on 20 February.
The source: ASX announcement
