For subscribers unfamiliar with JDO, it’s a $1.7bn small business lender. The company’s shares surged higher this week following the FY24 results, which came in at the top end of guidance. JDO only listed in 2021, and after a tough few years, it appears to be turning the corner as it embarks on an expansion path; it plans to establish a further 10 locations in FY 2025.
- Gross loans and advances (GLA) up 20% to $10.7 billion.
- Net interest margin (NIM) is down 35 basis points but remained solid at 2.94%
- Underlying profit before tax up 2% to $110.1 million.
MM is cautiously bullish JDO
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