NPAT rebuilt to NZ$48.8m as the NZ lending reset rolls off
The 1255.6% headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.
Published 21 April 2026
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The 1255.6% headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.
Published 21 April 2026
Read briefingRevenue grew solidly but a surge in impairments, acquisition-related costs, and a portfolio reset crushed statutory earnings, leaving underlying NPAT
Published 22 April 2026
Read briefingReported NPAT of NZ$3.6m versus underlying NZ$10.7m and a 500% NPAT payout ratio leave the dividend reliant on retained earnings, not current profit.
Published 22 April 2026
Read briefingRevenue growth of just 0.2% left no buffer when provisions surged, driving a 22.0% PBT decline and compressing ROE to 6.0% from 9.3%.
Published 22 April 2026
Read briefingNet operating income contracted despite 4.2% receivables growth, pointing to material net interest margin compression ahead of Challenger integration.
Published 22 April 2026
Read briefingFlat headline NPAT reflects a lower effective tax rate, masking underlying margin pressure and weaker returns on the expanded equity base.
Published 22 April 2026
Read briefingPBT grew 6.3% on stronger margins, but a 29.5% effective tax rate and 30.5% equity expansion drove ROE down to 9.6% from 12.2%.
Published 22 April 2026
Read briefingNet operating income grew 11.7% and PBT expansion outpaced it, while the effective tax rate rose to 30.6% from 26.6%, narrowing the NPAT result.
Published 22 April 2026
Read briefingUnderlying earnings progress is modest and clean, but a NZ$449m step-up in borrowings and deeply negative operating cash define the period.
Published 22 April 2026
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