Geneva’s quarterly profit soars
The Geneva Group has reported an unaudited pre-tax profit of $2.9 million for the first quarter of the 2026 financial year, an increase of $1.24m, or 75 per cent, compared to the same period last year.
It attributes the year-on-year gain for the three months to the end of June to improved performance across the entire group.
“New Zealand lending operations, previously impacted by high loan delinquencies, is now seeing an improvement trend in the overall health of the loan book,” says Geneva in an announcement to the USX.
“This is a direct result of the restructure of the credit and sales departments in early 2025.”
Quest Insurance continues to perform well with premium income reaching $16.8m in the June quarter, up 85 per cent from $9.1m a year ago.
Quest’s combined underwriting result of $3.6m represented a rise of 59.7 per cent from $2.25m over the same timeframe. Investment income was up 14.8% to $430,000, supported by strong cash flows and increased cash holdings.
The group’s New Zealand lending operations reported a $200,000 loss for the first quarter, which was a $480,000 improvement from the prior year.
“The improvements are due to increased net interest income being up $320,000, reduced funding costs of $230,000 driven mainly by reductions in the official cash rate over the last 12 months, and stabilised and improving loan book quality,” explains Geneva.
“Gross receivables at $113m were down by $2.8m, or 2.4 per cent, from the previous year.
“For lending, we remain focused upon simultaneously improving the composition and size of our loan book.”
The Tonga lending operation continues to perform well and net profit before tax increased 10 per cent to $6m in the first quarter. Its loan book has also grown steadily and at $10.8m is up 35 per cent from a year ago.
The group's Westpac Funding facility increased to $83.3m, up $1.25m, or 1.5 per cent, on the corresponding period of 2024. Funding from wholesale investors fell by $500,000, or 2.8 per cent, to $17.8m.
