Wisr rides growth surge
ASX-listed online consumer credit provider Wisr reported a 43 per cent increase in "new loan origination value" for the December 2018 quarter, compared to the September quarter.Wisr will release its audited financial information for the 2018/19 half-year to the market later this month.In a trading update, Wisr reported new loan value increased by almost $17 million, building on the almost $12 million in new loans written during the previous quarter. This was up 437 per cent on the comparable half in 2018. Wisr's unaudited quarterly update also disclosed half-yearly revenue for the 2018/19 year will be around $1.2 million, a rise of over 50 per cent on the previous half-year. This was not enough, however, to reverse an expected loss before tax of $3.8 million, 22 per cent larger than the comparable half-year result. Wisr attributed the loss to higher employment costs linked to its growth strategy and a roll-out of new products.Wisr also said it has "continued to deliver consistently strong credit quality" and has "remained consistently below the target annualised gross default rate of 2 per cent since FY16."Bendigo and Adelaide Bank is the principal wholesale funder of Wisr.