{"id":23530,"date":"2020-06-11T13:21:00","date_gmt":"2020-06-11T13:21:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2593128"},"modified":"2020-06-11T13:21:00","modified_gmt":"2020-06-11T13:21:00","slug":"prospa-reports-strong-q3-but-q4-hard-hit-by-covid","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/06\/11\/prospa-reports-strong-q3-but-q4-hard-hit-by-covid\/","title":{"rendered":"Prospa reports strong Q3 but Q4 hard hit by COVID"},"content":{"rendered":"

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\"Prospa<\/p>\n

Prospa reports strong Q3 but Q4 hard hit by COVID<\/h2>\n
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The SME lender has reported “solid” performance in the March quarter, but revealed it was “materially impacted” by COVID-19 in April and May, originating just over $8.7 million in that period.<\/p>\n<\/div>\n

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In an update to the ASX, SME lender Prospa<\/strong><\/a> revealed that it had a “solid performance” in the third quarter of the financial year 2020 (Q3FY20), with (unaudited) total loan originations of $122.8 million, up 21.5 per cent on the prior corresponding period ($101.1 million).<\/p>\n

For this quarter, group revenue was also up 13 per cent on the prior corresponding period, to $37.4 million, with the business delivering average gross loans during the quarter of $465 million, up 41.7 per cent.<\/p>\n

However, the SME lender outlined that the coronavirus pandemic has “materially impacted” its performance for the months of April and May – when Australia was in the midst of its lockdown and small businesses in Australia and New Zealand faced COVID-19-related pressures.<\/p>\n

Citing that it had made “pre-emptive adjustments to its underwriting parameters and credit assessment model” to “reflect the current health and macroeconomic environment as well as sensitivities in industry-specific small-business trading models” – as well as focusing on supporting existing customers – Prospa<\/strong><\/a> noted that originations for Q4FY20 (up to 31 May 2020) were “slowed”.<\/p>\n

The business lender revealed originations were just over $8.7 million, including SME Guarantee Scheme supported loans.<\/p>\n

It added that approvals are expected to run at “a lower than usual rate for the remainder of CY20” to meet its static loss rate range of 4-6 per cent over the cycle.<\/p>\n

However, the SME lender said it is now seeing improved demand in both Australia and New Zealand.<\/p>\n<\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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See Campaign: <\/strong>https:\/\/www.prospa.com\/<\/a>
Contact Information:<\/b>
Australian Fintech<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

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Contact Information:<\/h3>\n

Australian Fintech<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"\"Prospa reports strong Q3 but Q4 hard hit by COVID The SME lender has reported “solid” performance in the March quarter, but revealed it was “materially impacted” by COVID-19 in April and May, originating just over $8.7 million in that period. In an update to the ASX, SME lender Prospa revealed that it had a “solid performance” … Continue reading Prospa reports strong Q3 but Q4 hard hit by COVID<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":107,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-23530","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"\nProspa reports strong Q3 but Q4 hard hit by COVID - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/06\/11\/prospa-reports-strong-q3-but-q4-hard-hit-by-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prospa reports strong Q3 but Q4 hard hit by COVID - Business\" \/>\n<meta property=\"og:description\" content=\"Prospa reports strong Q3 but Q4 hard hit by COVID The SME lender has reported “solid” performance in the March quarter, but revealed it was “materially impacted” by COVID-19 in April and May, originating just over $8.7 million in that period. 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