Moneyme (ASX:MME) recorded a third-quarter performance for the period ended March 31, headlined by an expansion of its loan book and the achievement of positive normalised net profit after tax.
The digital lender's loan book climbed to $1.90 billion, representing a 29% increase on the prior corresponding period, supported by $325 million in new loan originations.
The surge in lending activity drove gross revenue to $62 million for the quarter, a 17% rise year-on-year, as the company reaches the necessary scale for sustained profitability.
Net credit losses improved, dropping to 2.6% from 3.7% in the pcp, while 90+ day arrears fell to 84 basis points.
The enhanced asset quality is further evidenced by an average Equifax credit score of 802, placing the portfolio firmly within the "very good" range.
While the net interest margin saw a slight sequential compression to 6.7%, the risk-adjusted NIM improved to 2.4%, bolstered by lower funding costs and better credit performance.
The group continues to diversify its offerings, recently launching a new credit card and securing a white-label partnership with Luxury Escapes.
At the time of reporting, Moneyme's share price was $0.095