Good update. Regulatory changes seem mostly aimed over at Radio Rentals and alike.
June 30 FY17 secured loan book - $213.9m
1QFY18 forecast in FY17 presentation - $222m
1QFY18 actual - $223.1m
Increase of $9.2m versus forecast of $8.1m
$9.2m represents an increase of 4.3% in the secured loan book for first 3 months of FY18.
(Annualised for this year in the region of $37m growth and would likely require more funding)
223.1m as 80.5% of total loan book implies total loan book value at 1QFY18 - $277.14m
At 30 June FY17 gross loan book was $273.2m. 1QFY17 value of $277.14m implies increase of 1.45% of total value, about $4m.
There has been an uplift in secured, although that has been offset somewhat by decline in unsecured. In other words, it looks like the unsecured loan book has decreased in value by $5.2m at the end of 1QFY18 given the total has not been maintained given the $9.2 increased in secured. This may not necessarily be a bad thing given the strategy to pursue auto lending and become more 'palatable'
