Judo Capital (JDO) Q3 2026 TU earnings summary

Executive summary

• FY26 profit before tax (PBT) is projected at $163m–$169m, about 30% growth year-over-year, with FY27 PBT expected at $210m–$220m, also reflecting 30% growth.

• Lending momentum remains strong, with gross loans and advances (GLA) expected to reach $14.6bn–$14.7bn by 30 June 2026.

• Asset quality impacted by increased specific provisions for three exposures, leading to a higher cost of risk.

Financial highlights

• FY26 cost of risk (COR) now forecast at $116m–$122m due to increased specific provisions.

• Net interest margin (NIM) for 2H26 expected to exceed 3.2%, above prior guidance.

• Cost to income (CTI) ratio for 2H26 on track to be below 1H26’s 48.5%.

Outlook and guidance

• FY27 PBT guidance is $210m–$220m, maintaining 30% growth despite macroeconomic uncertainty.

• Through-the-cycle cost of risk expected at 50bps of average GLA.

• CET1 ratio projected at ~12.4% at 30 June 2026, with a management target range of 11.0%–12.0% in normal conditions.