Auswide Bank Ltd (ASX:ABA) (“Auswide Bank”) announced today that it has now completed the sale of its equity stake in P2P lender MoneyPlace.
As previously disclosed, details of the transaction remain confidential. However, Auswide Bank expects the sale, which has occurred in the bank’s second half, will have a one-off positive impact on full financial year results with an expected net profit after tax (NPAT) contribution of approximately $1.1m.
The sale will also have a positive impact on Auswide Bank’s very strong capital position providing even further strength.
Auswide Bank will continue to receive income from its personal loan investment into MoneyPlace which is expected to continue to grow over time.
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