Historical setup
What FY25 said to watch
From PBT collapsed 45.3% as one-offs and provisions swamped 11.1% revenue growth
No formal ongoing targets were in force beyond the $45m underlying NPAT floor for FY2026, which management has stated guidance on an underlying basis. The result met that floor at $46.9m underlying NPAT. The strongly second-half-weighted statutory earnings profile — with $35.2m of NPAT implied in 2H2025 against just $3.6m in 1H2025 — suggests the business normalised materially following the portfolio reset, which is modestly supportive of the FY2026 guidance basis.
Whether the second-half run-rate is a reliable base depends on whether NZ credit quality has genuinely stabilised and whether the Australian banking segment can continue contributing at or above its FY2025 level. The absence of stated targets beyond the underlying NPAT floor limits the ability to assess how quickly ROE can recover toward a level that justifies the capital raised for the Australian acquisition.