• Continued execution of clear, simple strategy
• Achieving a balance between growth, economics and risk
• Maintained market leading lending NPS
• Driven expansion into the regions and continued banker recruitment

Judo Capital Holdings Ltd reported strong 1H25 results, with 33% underlying PBT growth driven by robust lending growth, stable costs, and proactive portfolio management. The company's core lending franchise continued to perform well, with 18% annualized growth in GLA, over 2x sector growth, underpinned by Judo's unique customer value proposition and regional expansion. Judo maintained its market-leading lending NPS of +51 and lending margins over 450bps over BBSW. The company's prudent cost management resulted in a CTI of 57.4%, with average FTE decreasing while banker FTE increased. Judo's proactive portfolio management contributed to higher run-off, improved NIM, and lower cost of risk. The company's credit quality remained stable, with 90+DPD and Impaired Assets below the at-scale thesis. Judo's funding stack continued to progress, with TDs now 66% of total funding and targeting ~70% by June 2025. The company expects to demonstrate significant operating leverage in 2H25, with NIM guidance at the upper end of 2.90% - 3.00% and PBT growth of 15% versus FY24. Judo remains well-capitalized, with a CET1 ratio of 13.8% at December 2024.

FY25 GLA target of $12.7bn - $13.0bn, NIM at the upper end of 2.80% - 2.90%, CTI broadly stable versus FY24, COR of 50bps of GLA, and PBT growth of 15% versus FY24.

Judo expects to achieve significant operating leverage in 2H25, driven by continued strong lending growth, improving NIM, and disciplined cost management. The company is focused on executing its clear, simple strategy, balancing growth, economics, and risk, and leveraging its core competitive advantages to drive further improvements in ROE.