Pepper Money reported a 22.6% decrease in statutory net profit after tax to $108.7 million for the year ended Dec. 31, 2023, due to a slowdown in mortgage lending.

CEO Mario Rehayem attributed the challenges to intense competition and swap rate volatility.

Net interest income fell 7.2% to $360.9 million, and total operating income declined by 5.0% to $387.9 million.

The board approved a final fully franked dividend of 5 cents per ordinary share, slightly lower than the 5.1 cents in 2022. This follows an interim dividend of 3.5 cents per ordinary share.