The net profit for Resimac fell to $34.8 million over the year to June 2024 from $66.5 million in FY2023.

Still, according to the annual report “the group successfully realised its strategic growth objectives for 2024, restoring home loans AUM to levels comparable to those as of June 2023.”

Higher rates “had a cascading effect on FY2024 profitability, leading to NIM compression and a $1.8 billion reduction in average home loans AUM. 

“In FY24, the group responded through pricing initiatives to recoup home loans AUM and provided investment for growth in the asset finance portfolio.”

Resimac has “a  review of capital and operational expense management underway, setting the stage for sustainable profitability growth in the future.”

In July, Scott McWilliam resigned from his role as CEO of Resimac.

McWilliam has taken a period of leave before his employment contract ends on 1 September 2024. 

Non-executive Director Susan Hansen has been appointed as interim CEO until a permanent CEO is appointed.