Wisr reports 103% loan book growth for FY22

Wisr reported loan book growth of 103 per cent on the previous corresponding year (pcp) reaching $780 million, up from the $384 million in FY21.

Loan originations for the lender in FY22 were up to a record $611 million, up 67 per cent from the previous year when figures stood at $366 million.

Loan originations grew 28 per cent in the second half of the year ($344 million) when compared to the first half ($267 million).

The lender has reportedly now delivered $1.2 billion loans since the company’s inception in 2017, an “unbroken record” of 24 quarters of prime-credit loan origination growth, and a loan origination exit run rate of $744 million per annum.

Wisr also reported $59 million in operating revenue, up 118 per cent on the previous financial year, reporting $27 million at the time.

Additionally, the lender said it was "well capitalised" with $71.5 million ($23.3 million in unrestricted cash) as of 30 June 2022, along with $8.2 million in loans available for sale, which according to Wisr, has set it up for continued growth in the future.

Head of broker and CCO of Wisr Peter Beaumont commented on Wisr's plans for brokers going forward into FY23: 

“Wisr has been supporting the broker community since 2015, and we are very appreciative of the extremely strong personal and business ties we have developed with brokers across Australia. 

"The reality is that our broker partners have contributed very significantly to Wisr’s growth over the past seven years and we are totally committed to investing in people, products and services to help our brokers assist their clients and grow their businesses,” Mr Beaumont stated. 

Chief executive of Wisr, Anthony Nantes, stated that the figures for the lender’s financial year were “an incredible validation” of Wisr’s business model, as well as its “prudent treasury and underwriting capability and the capability of the widely recognised high-performing Wisr team”.

“We’re using the multiple levers available to us to absorb funding cost increases while still earning a healthy net interest margin – just as a bank can, we’ve been passing on the rising interest rates on new loans to customers throughout Q4FY22 and into FY23,” Mr Nantes stated.

“We’re well capitalised, building sustainable revenue and well placed to protect the business from any sustained economic downturn with a prime to super-prime customer base.”

Wisr’s second ABS transaction, the $250 million Wisr Freedom Trust 2022-1 – made up of personal loans – has received a AAA Moody’s rating for the top two tranches and a weighted average margin of 2.23 per cent over one-month BBSW.

Announced earlier this year, the ABS transaction – arranged by National Australia Bank – comprised eight tranches, with 61 per cent being AAA-rated.

Wisr’s CFO Andrew Goodwin said after the pricing of the transaction: “With the current market uncertainty, continuing to originate credit assets of the highest quality is paramount, as is broad support of the debt market.”

[RELATED: Wisr prices second ABS transaction]