Judo Bank Exceeds A$10 Billion Lending Target
(17 April 2024 – Australia) Judo Bank has reached A$10 billion in total lending as of 16 April 2024, up three percent since 31 December 2023.
The challenger bank’s average total lending volume growth rate stands at 135 percent per annum (pa) since qualifying for a full authorised deposit-taking institution (ADI) bank license in April 2019.
The group remains on track to hit management’s ambitious lending target of A$15-20 billion set at the start of the financial year. In addition to sustained lending growth, the business bank reports that its term deposit book expanded to A$7.5 billion, up 8.7 percent from 31 December 2023. Judo has recently taken steps to reduce its exposure to the property investment sector to balance its credit risk appetite.
“These milestones coincide with the five-year anniversary of receiving our banking licence from APRA and becoming an ADI. The growth we have achieved since becoming an ADI is exceptional. We cannot find another bank that has achieved what we have achieved, starting from scratch, anywhere else in the world” commented Judo Bank CEO Chris Bayliss.
“In an environment where other banks continue to restrict lending to good quality SMEs, Judo’s unique judgement-based, relationship-led approach to SME lending is a clear differentiator. We are dedicated to serving the needs of SMEs, who are vitally important to the continued growth of the Australian economy yet remain under-served by the rest of the industry” Mr Bayliss added.
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