Investor Presentaiton
APPENDIX 5 | USSF&I - CREDIGY
Credigy Summary Results - Q1 2024
($MM)
Q1 24
Q4 23
Q1 23
QoQ
YOY
Revenues
125
126
137
(1%)
(9%)
Net Interest Income
117
126
136
(7%)
(14%)
Non-Interest Income
8
1
Non-Interest Expenses
35
38
36
(8%)
(3%)
Pre-Tax/Pre-Provisions
90
88
101
2%
(11%)
PCL
25
10
31
Net Income
51
61
55
(16%)
(7%)
Avg Assets C$
10,762
10,067
9,597
7%
12%
Avg Assets US$
7,925
7,469
7,068
6%
12%
Efficiency Ratio (2) (%)
28.0%
30.2%
26.3%
Credigy Revenues
($MM)
(2)
(3)
(4)
1
8
136(3)
126(4)
110
112
117
(2)
Q1 23
Q2 23
Q3 23
Q4 23
Q1 24
■Net interest income
Non-interest income
Average assets. On a constant currency basis.
Average assets up 6% QoQ (1) and 12% YoY,
with strong momentum in investment volumes
US$1.3B deployed in Q1, mainly in mortgage
and consumer secured space
Revenues down YoY and QoQ as reference
periods benefitted from pre-payment revenue
and portfolio over-performance(3)(4)
NII up 6% QoQ on a constant currency basis,
excluding favourable items recorded in Q4 2023
Non-interest income mainly reflecting favourable
mark-to-market adjustments on assets at fair
value
PCL of $25M, driven by performing provisions
on new investments and impaired provisions
from the seasoning of loan portfolios
Lower PCL in Q4 2023 reflected write-ups of
overperforming POCI portfolios
■ Portfolio defensively positioned with continued
strong underlying performance
-
-
Most assets secured (93% as of Q1 vs. 77%
pre-pandemic) and well-diversified
Maintaining disciplined investment approach in
current environment
Represents a supplementary financial measure. See slide 2.
Q1 2023 includes $20M of net interest income from the acceleration of interest due to a loan pre-payment.
Q4 2023 includes $14M of net interest income from pre-payment revenue and favourable impact of over-performance on fair value portfolio.
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