We are now three quarters through our year and the results continue to improve and the business continues to grow at a very pleasing rate.
Our Gross Profit increased by 26% over the last quarter and net profit saw significant growth as well. This result is off the back of strong consistent loan volume growth, well managed expenses and a real problem solving attitude to helping our customers.
With outstanding diligence, our team is keeping the total write-offs under 2%. This is above average for this industry and something that we at Ume Loans are very proud of and continue to work on improving.
WE had a wonderful celebration in August to open our new offices in Maroochydore, with the Mayor of the Sunshine Coast, Mark Jamieson, attending to cut the ribbon and say a few words. It was a very successful evening, enjoyed by those that attended.
Our other big news of the quarter is that we settled with our wholesale funder for a $3million Line of Credit, which will enable us to grow and further improve our productivity.
We have been working throughout the 3rd quarter to update all our Human Resources policies and procedures and our staff have also begun training to offer loan protection insurance to our clients.
Once again, we are on target to achieve our 2016 growth plans and I look forward to updating you in Quarter 4 on our progress.
Please feel free to call me direct on 0401679744 to discuss our business and how you can be a part of it as an investor, shareholder, lender, customer or part of our extended brokerage team.
Founder & Managing Director