Australia's Humm hits over 2-yr low as consumer finance business under pressure

Humm

16/06/2022 04:38

** Shares of fintech firm Humm Group  HUM.AX  fall as much
as 5.9% to A$0.635, their lowest since April 3, 2020
    ** Co says Humm Consumer Finance's (HCF) May fiscal
year-to-date cash net profit after tax (CNPAT) is down about 61%
from the previous year's corresponding period  urn:newsml:reuters.com:*:nASX9cB0PQ
    ** Co says "trading environment is very tough for HCF, with
intense competition, rising interest rates, and weakening
consumer sentiment"
    ** Adds that without enhanced scale, outlook for HCF will be
"even more challenging"
    ** Conversely, Humm Commercial's May fiscal YTD CNPAT up
about 47% compared to pcp 
    ** As of last close, stock down 25% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))