StockCo reported consolidated NPAT of AUD3.7m in FY19, down ~15% from AUD4.4m. The result was in line with our expectations, with lower lending behind the decline in earnings, and principally as a result of prolonged drought conditions in some regions. The number of clients in stress remains very low.
We forecast StockCo’s financial performance in FY20 to remain subdued, although we expect the credit profile to remain sound, overall.
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