Judo Capital shares tank after guidance downgrade
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More news: Shares in Judo Capital plunged after emerging from a pause in trading, as the neobank cut its full-year gross loans and advances guidance.
Judo shares were 17.7% lower at $1.47 at 3:30pm AEST after losing 6.5% before its trading update was announced.
Judo Capital trims full-year guidance on market 'volatility'
More news: Judo Capital has cut its full-year guidance due to the "significant volatility" in its operating environment in recent weeks.
Judo now expects gross loans and advances (GLA) to be between $12.4 billion and $12.6 billion at 30 June. It had previously guided a range of $12.7 billion and $13 billion.
The company said it expects lower growth due to market uncertainty impacting customers, the slower initial ramp up of warehouse lending, and balance growth and economics.
It also noted that "as a result of disciplined expense management", the bank now expects full-year cost-to-income ratio to be lower than fiscal 2024.
Judo's shares were down 6.5% before trading was paused earlier in the afternoon.
Judo Capital shares pause trading after 6.5% slide
The news: Judo Capital Holdings, owner and operator of Judo Bank, has paused trading on the ASX, pending a further announcement.
The numbers: Judo was the day's worst performing ASX 200 stock at 1:30pm AEST before trading of shares was temporarily paused. There has been no other announcement by the company today.
Shares were down 6.5% to $1.67, having added more than 25% over the last 12 months.
