• Statutory Profit Before Tax (PBT) of $56.7m, up 54%
• Underlying Profit Before Tax (PBT) of $56.7m, up 33%
• Gross Loans and Advances (GLA) of $11.6bn, up 9% over the half

Over the half year to 31 December 2024, Judo continued successfully scaling its specialist, pure play SME-banking business. Judo achieved 33% growth in underlying PBT, reflecting positive operating performance as the Bank balanced growth, margins and risk within its lending portfolio. Expenses were also well managed, with the Bank remaining on track to demonstrate clear operating leverage from 2H25, which will underpin further growth in profitability. Statutory PBT was $56.7m, up 54%. Underlying PBT was $56.7m, up 33%. The result was supported by continued scaling of the loan book, prudent cost management, and a lower cost of risk. GLA at 31 December 2024 was $11.6bn, up 9% over the half, equal to two times system growth. GLA growth was driven by continued demand for the Bank's differentiated lending proposition, as well as the Bank's regional expansion strategy, with five new locations established during the period. Judo continued to balance growth and economics, with average margins on new lending consistently above 450 basis points (bps) over the 1-month bank bill swap rate (BBSW) during the half. Funding continued to strengthen and diversify as Judo made progress towards its at-scale funding stack. Judo grew its term deposit franchise to $9bn as at 31 December 2024, up 9%, driven by a $1bn increase in direct retail term deposit balances. As at December 2024, deposits represented 66% of the Bank's total funding, up from 64% at June 2024. Judo also continued optimising its wholesale funding mix and pricing over the half. NIM was 2.81%, down 4bps. 1H25 NIM was lower primarily due to a residual drag from the refinancing of the Term Funding Facility (TFF), which provided a benefit to the 2H24 NIM but was repaid in June 2024. The TFF drag on 1H25 NIM was largely offset by higher lending margins, improved warehouse funding costs and improved yield and balance of liquid assets. NIM progressively improved throughout the period, following trough NIM in June 2024. Underlying operating expenses were $115.4m, up 4%. Employee benefits expenses increased modestly primarily due to wage inflation. Non-employee benefits expenses were broadly stable. Average full-time equivalent (FTE) reduced while banker FTE increased, consistent with non-customer facing areas of the Bank largely reaching maturity. Underlying CTI was 57.4%, up 110bps from 56.3% in 2H24. The slight increase in underlying CTI reflected modest cost growth, offset by the expected impact of NIM declining due to the successful refinancing of the TFF. Impairment expense was $28.8m, down from $43.3m. Impairment expense as a percentage of average GLA was 51bps compared to 87bps in 2H24. The improvement reflected the benefits of proactive portfolio management initiatives and a decline in new impaired loans. Expected credit loss (ECL) provisions on loans and advances increased to $159.6m, up from $149.1m. Collective provision coverage was 1.02% of GLA, down 3bps. Total provision coverage was 1.37% of GLA, down 2bps. 90+ days past due (DPD) and impaired assets ratio was stable at 230bps of GLA, down 1bp. Capital remained strong with a CET1 ratio of 13.8%, down from 14.7%. The key driver of the CET1 movement was growth in lending assets, offset by improving organic capital generation.