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Why the Wisr (ASX:WZR) share price is on the move

The Wisr Ltd (ASX: WZR) share price has jumped out of the blocks in early trade after another strong quarter for the non-bank lender.
The post Why the Wisr (ASX:WZR) share price is on the move appeared first on The Motley Fool Australia. –

hand on touch screen lit up by a share price chart moving higher

The Wisr Ltd (ASX: WZR) share price is one to watch today. Shares in the Aussie financials group are climbing higher after posting a 19th consecutive quarter of growth. At the time of writing, the Wisr share price is trading for 23 cents, up 2.22%. 

Why is the Wisr share price climbing?

Wisr this morning provided a quarterly update for the quarter ended 31 March 2021 (Q3 2021). The Aussie non-bank lender reported a record loan origination growth of $97.8 million. This represents a 17% increase on last quarter and 151% increase on Q3 2021.

Total loan originations came in at $488.3 million as at 31 March 2021. Wisr reported that secured vehicle loan products were delivering strong results in limited channels. That product line contributed 22% or $21.9 million of the $97.8 million in new loans.

The Wisr share price has jumped 2.2% higher to start the day following the strong trading update. Wisr also upsized its warehouse facility to $350 million during the quarter with further expansion plans slated for Q4 2021.

Further underlying the strong quarter, Wisr reported a record Q3 2021 average credit score of 771 in Q3 2021. Today’s result means Wisr has now recorded 19 consecutive quarters of back-to-back growth in an impressive run for the Aussie non-bank lender.

The Wisr share price jumped more than 2 per cent in early trade with Wisr now boasting a market capitalisation of $252.2 million at the time of writing.

Shares in the non-bank lender are trading at $0.23 per share, still shy of the company’s $0.28 52-week high.

Foolish takeaway

The Wisr share price is on the move in early trade after yet another strong quarterly update from the non-bank lender. That update was highlighted by record quarterly loan origination and an upsized warehouse funding facility during Q3 2021.

The All Ordinaries Index (ASX: XAO) has jumped 0.37% higher to 7,257.80 points at the time of writing.

Wisr shares are now up 64.3% in the last 12 months and 228.6% in the last 5 years in a strong run for the company’s shareholders.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Wisr (ASX:WZR) share price is on the move appeared first on The Motley Fool Australia.

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