GEN - General Capital Ltd

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GENERAL FINANCE LIMITED
Quarterly report as at 31 March 2025
KEY RATIOS
Capital Ratio 31 March 2025
Our capital ratio calculated in accordance
with the 2010 Regulations* 17.82%
Minimum capital ratio required by our
Trust Deed if the issuer has a credit rating
8%
Minimum capital ratio that must be
included in the trust deed under reg 8(2) of
the 2010 Regulations* if the issuer has a
credit rating
8%
The capital ratio is a measure of the extent to which General Finance is able to absorb losses without becoming
insolvent. The lower the capital ratio, the fewer financial assets General Finance has to absorb unexpected losses
arising out of its business activities.
Related Party Exposures 31 March 2025
Our aggregate exposures to related
parties as calculated in accordance with
the 2010 Regulations*
5.90% of capital
Maximum limit on aggregate exposures to
related parties that we must not exceed
that is included in our Trust Deed
10% of capital
Maximum limit on aggregate exposures to
related parties that we must not exceed
that must be included in our Trust Deed
under reg 23(3)(b) of the 2010
Regulations*
15% of capital
Related party exposures are financial exposures that General Finance has to related parties. A related party is an
entity that is related to General Finance through common control or some other connection that may give the party
influence over General Finance (or General Finance over the related party).
* Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010
Issue 38 28 April 25
Liquidity 31 March 2025
Our liquidity calculated in accordance with
the quantitative liquidity requirements
included in our Trust Deed
5.82 times
The minimum liquidity requirements
required by our Trust Deed A liquidity cover ratio of 1.25 times
Liquidity requirements help to ensure that General Finance has sufficient realisable assets on hand to pay its debts
as they become due in the ordinary course of business. Failure to comply with liquidity requirements may mean that
General Finance is unable to repay investors on time and may indicate other financial problems in its business.
SELECTED FINANCIAL INFORMATION
Quarter to
31 March 2025
Total Assets 211,923,816
Total Liabilities 188,881,661
Net Profit / (Loss) After Tax 597,571
Net Cash Inflow (Outflow) from Operating Activities 21,624,781
Cash and Cash Equivalents 32,752,812
Term Deposits1 25,042,836
Capital (per 2010 Regulations) 20,327,734

1New Zealand Registered Bank deposits with original term of greater than 3 months.
Issue 38 28 April 25
HOW THE RATIOS HAVE BEEN CALCULATED
CAPITAL RATIO
Gross capital 23,042,155
Less deductions 2,714,420
Total capital 20,327,734
Risk
Risk Weighted
Exposures Exposure Weight Exposures
NZ Registered Bank Deposits 57,795,648 20% 11,559,130
Residential mortgages:
LVR 70% and under 116,494,306 35% 40,773,007
LVR over 70% and under 80% 14,172,455 50% 7,086,228
Property development loans:
LVR 60% and under 1,260,424 150% 1,890,636
Other loans with qualifying security over land
and buildings:

LVR 70% and under 12,800,976 100% 12,800,976
Other loans
 – where a financing statement has been
registered and perfected under the Personal
Property Securities Act 1999
 116,408 150% 174,612
 – where a financing statement has not been
registered and perfected under the Personal
Property Securities Act 1999
 6,291,426 200% 12,582,852
Other assets 277,752 350% 972,133
Deductions from capital 2,714,420 -
Total credit risk weighted exposures (A) 87,839,574
Total assets (B) 211,923,816
Operational and Market Exposures (A+B)/2x0.175 26,229,297
Total Exposures 114,068,871
Capital Ratio 17.82%
(being Total Capital/Total Exposures)
1Refer to Deposit Takers (Credit Ratings, Capital Ratios, and Related Party Exposures) Regulations 2010.
Issue 38 28 April 25
AGGREGATE EXPOSURE TO RELATED PARTIES
Loans and other on balance sheet exposures to related
parties (A) 1,200,155
Other related party exposures (B) Nil
Capital (C) 20,327,734
(A + B) / C 5.90%
*Related party exposures are calculated by dividing total related party exposures by Capital
(per 2010 Regulations).
LIQUIDITY
Liquidity (A) 57,795,648
3 month expected loan receivables (B) 19,681,762
3 month expected gross deposit redemptions (C) 13,312,619
(A + B) / C 5.82 times

*The Liquidity Cover Ratio is calculated by dividing Liquidity plus the 3 month expected loan
receivables, by the 3-month expected gross deposit redemptions.

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General Capital Announces Growth and Record Profit
26/05/2025, 12:16 NZST, FLLYR
General Capital Announces Continued Growth and Another Profit Record

The Directors of General Capital Limited (GEN), the NZX listed Financial Services Group, are pleased to present another record financial result for the year ended 31 March 2025, with revenue up 32% to $22.6m from the prior year, and Net Profit After Tax (NPAT) up 7% to $2.8m from the prior year.

The Group has continued to grow, particularly subsidiary company General Finance, delivering solid growth and value to the Group despite the challenging economic environment. In November 2024, General Finance acquired Bridges Financial Services Limited, an insurance premium funding business, complementing the Group's business activities and providing future growth opportunities in the lending sector. These results reflect management's dedicated efforts to leverage market opportunities and continued focus on strategic initiatives to provide consistent year on year growth.

The Group has also maintained a strong balance sheet with total assets growing by 34% to $218.2m. The Group announced and paid its first dividend in December 2024 amounting to 32% of NPAT and also provided staff with the option to purchase shares, offering an opportunity to invest in the continued growth of the business.

The Group is pleased to announce a final dividend to be paid in line with the half year dividend payout ratio of 32% of NPAT, which will be fully imputed and payable in July 2025, demonstrating a commitment to providing value to shareholders. A dividend reinvestment plan (DRP) will be a feature of the final dividend with a 5% discount applied for those taking up the DRP. Information regarding the DRP will be released shortly.

Details of the final dividend are:

• Record Date 13/06/25
• Dividend Payment Date 03/07/25
• Amount Per Share $0.0043
• Imputation Credit $0.0017

Future Outlook

The Depositor Compensation Scheme ("DCS") will be coming into effect on 1 July 2025 and is expected to bring increased confidence in deposit activity which is anticipated to provide continued growth to the Group's deposit book in FY26. The Group is also positioned well to leverage growth opportunities and focus on delivering an increased lending book, coupled with effective management of arrears and a low credit loss ratio. The Group will actively monitor Net Interest Margin (NIM) and focus on strategies to build further growth to the business, providing continued shareholder value.

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General Capital (GEN:NZ) Welcomes the Deposit Compensation Scheme
General Capital Limited is pleased to advise that its subsidiary, the RBNZ licensed
deposit taker General Finance Limited, has passed the last hurdle to be part of the
Government's new Deposit Compensation Scheme (DCS) which is due to commence
on 1 July.
The DCS will protect deposits of up to $100,000 per eligible depositor, per deposit taker,
in the event of the deposit taker's failure. General Finance is a deposit taker that qualifies
for coverage under the scheme.
In order for our secured-term deposits to qualify for protection, General Finance needed
to make some small changes to its trust deed. At a meeting of General Finance Term
Deposit holders held on 28 May 2025 an overwhelming number of depositors voted to
support the changes.
Managing Director Brent King said "We are excited by the support shown and wish to
extend our thanks to those who voted online or took the time to attend the meeting in
person. The Board of General Finance was extremely happy with the level of
engagement from our clients and the number of questions asked at the meeting."
Mr King went on to say "We believe the introduction of the DCS will give the investor
market greater confidence. It's a strong move by the Government to support the deposit
taker sector. Investors should be clear when making an investment whether they are
investing in a deposit taker and hence are included in the DCS or not."
Further information, including who is and just as importantly who isn't part of the scheme
can be found on the RBNZ at rbnz.govt.nz/dcs
ENDS

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Been some buying interest of late in GEN.
Last sale 30.5 cents with a buyer now at 31 cents.
They go ex div tomorrow.

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General Capital Releases 2025 Annual Report
26/06/2025, 13:56 NZST, ANNREP
General Capital Releases 2025 Annual Report

General Capital, the NZX listed Financial Services Group, has today released its Annual Report for the year ended 31 March 2025.

A copy of the Annual Report is also available on the Company's website at: www.gencap.co.nz/financial-reports.

The Directors of General Capital Limited are pleased to present another record result for the year ended 31 March 2025.

The consolidated revenue was 32% higher than the previous year, increasing to $22,632,150 and Net Profit After Tax was up 7% with a solid result of $2,805,800 for the year ended 31 March 2025. Consistent with the prior year, these results represent sound performance for the Group with year on year growth and achieving another record year of financial performance since listing in 2018.

The Group maintained a strong balance sheet with total assets increasing by a further 34% since March 2024, demonstrating the Company's ability to manage its capital during a challenging economic environment. Subsidiary Company General Finance Limited has also maintained its credit rating of BB which was reaffirmed by Equifax on 10 December 2024.

General Capital declared a final dividend of 0.0043 cents per share to supplement the half year dividend of 0.0055, bringing the total dividends per share for FY25 to 0.0098. This milestone reflects the Group's strong financial performance and commitment to delivering shareholder value. The dividend aligns with the policy introduced at the last Annual Shareholder Meeting in July 2024 and underscores the Board's confidence in the Group's growth trajectory and financial resilience.

This announcement was approved by the Directors of General Capital Limited.

ENDS

For further information contact:

Brent King
Managing Director
General Capital Limited
+64 21 632 660
Brent.King@gencap.co.nz

26 June 2025

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From today's agm presentation.
Key Points
• Total Assets up 34% to $218.2m
• Total Equity up 9% to $29.2m
• Revenue up 32% to $22.6m
• Net Profit Before Tax up 10% to $3.9m
• Net Profit After Tax up 7% to $2.8m
• Credit Rating reaffirmed as BB Stable

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Very good update
General Capital subsidiary General Finance update
23/10/2025, 14:59 NZDT, MKTUPDTE
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 30 September 2025 to the Disclose Register.

Mr. Brent King, Managing Director, commented on the results, explaining that, as a licensed Non-bank Deposit Taker, General Finance is required to issue this report under the Financial Markets Conduct Act 2013.

Total assets reached $271.2 million, an increase of 14.5% on the 30 June 2025 quarter. The company also reported a quarterly net profit after tax (NPAT) of $938,376 up from $266,646 from the previous quarter. As at 30 September 2025 General Finance held $62 million in cash, cash equivalent and bank deposits. The capital ratio, being the total capital divided by total exposures, was 15.27%. The minimum capital ratio required under the Trust Deed is 8%.

Mr King said "We are pleased that the commencement of the Deposit Compensation Scheme on 1 July 2025, which covers General Finance secured term deposits up to $100k per depositor, has been extremely positive for General Finance resulting in a significant increase in total assets."

The information can be found at www.disclose-register.companiesoffice.govt.nz.

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General Capital Announces Further Strong Growth
21/11/2025, 09:08 NZDT, HALFYR
General Capital Announces Continued Growth and Solid Financial Performance

The Directors of General Capital Limited (NZX:GEN), the NZSX listed financial services group, are pleased to present continued growth and a solid financial performance during a challenging economic environment. The Group's total assets have reached a record high at $275,776k, increasing by 26% compared to 31 March 2025. Deposits accepted and loans advanced by subsidiary General Finance Limited also grew by 52% and 40% respectively compared to 30 September 2024, reinforcing managements growth strategy for the Group and its ability to continue growth even during a challenging economic environment.

The Group is pleased to announce a dividend of 30% of net profit after tax (NPAT), which will be fully imputed and payable in December 2025, in line with our commitment to reward shareholders for their support of the General Capital Group. Details of the dividend are:

• Record Date 1 December 2025
• Dividend Payment Date 12 December 2025
• Amount Per Share $0.0033
• Imputation Credit $0.0013

Future Outlook

The New Zealand economic environment remains challenging and management are committed to driving continued growth in the second half of the financial year. Our focus will be to continue to grow our loan book, manage net interest margins and continued growth of other areas of the Group including insurance premium funding and advisory from subsidiary Investment Research Group.

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From DMX's latest newsletter;
General Capital Update
One of the stronger contributors during the month was NZX-listed General Capital, a niche non-bank deposit taker
and lender. By way of recap, General Capital operates two relatively low-risk lending verticals: second-tier first
mortgages, and insurance premium funding. It is one of the fastest-growing businesses on the NZX. The stock is
thinly-traded and we built the majority of our position earlier this year, when an ex-director sold down his holding
on market, creating a compelling buying opportunity.
General Capital released its first half 2026 result at the end of November. A number of one-off costs led to a NPAT
decline for the period, but underlying results were very pleasing with revenue up 26% and this operating
momentum expected to continue. We expect a strong second half as costs normalise and the benefits of the
recently introduced Depositor Compensation Scheme begin to flow through.
In July 2025, New Zealand introduced the Depositor Compensation Scheme, which protects depositors up to
$100,000 per institution. General Capital successfully joined the scheme, giving it clear advantages over institutions
that are not eligible to participate:
1. It materially increases depositor confidence by protecting customer balances, reducing the risk of a classic
"run on the bank", and supporting ongoing demand for its deposit products.
2. It allows General Capital to lower deposit rates, closer to those offered by the major banks, supporting net
interest margin expansion and/or market share gains.
While now operating with meaningful scale in its niche markets, General Capital now has a robust and
comprehensive platform capable of supporting significant further growth in the years ahead. Specifically, its NZX
listing provides access to equity capital, its Depositor Compensation Scheme inclusion is a powerful third-party
confirmation and will support deposit growth on attractive terms, and finally, its growing and diverse deposit holder
base provides a broad and diverse funding source. While its current valuation remains well-supported by underlying
earnings power, as well as its significant tangible equity base, we consider the company to be a strategically valuable
asset for participants looking to establish or expand a presence in New Zealand's non-bank lending sector.

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General Capital Subsidiary Credit Rating Update
18/12/2025, 15:09 NZDT, CREDIT
Equifax affirms General Finance Limited's BB Financial Strength Rating with improved outlook

General Capital Limited is pleased to announce that global credit rating agency Equifax Australasia Credit Rating Pty Ltd (Equifax) has affirmed the financial strength rating of General Capital's 100% owned subsidiary, General Finance Limited, at BB. This follows a review of its six-monthly audited accounts to 30 September 2025.

The outlook for the credit rating has been revised upwards from 'Stable' to 'Positive', based on Equifax's expectation of continued improvement in General Finance's operating performance, supported by loan book and deposits growth, and maintenance of healthy profitability.

Mr. Brent King, Managing Director, said, "We welcome the affirmation of the General Finance credit rating. We are especially pleased with the revision of the outlook from stable to positive. General Finance has benefited from the introduction of the DCS on 1 July 2025 which has driven strong deposit growth. This, supported by strong lending growth, prudent credit control and a focus on costs, has resulted in strong profitability despite the ongoing economic challenges being faced by the New Zealand economy".

Mr. King went on to say "General Finance has its accounts audited every 6 months and our credit rating is reviewed shortly thereafter by Equifax. This gives our investors increased confidence".

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Another positive update;
General Capital (GEN:NZ) Subsidiary General Finance Update
30/01/2026, 10:02 NZDT, MKTUPDTE
General Capital Limited advises that its subsidiary General Finance Limited, a licensed Non-bank Deposit Taker, has uploaded its quarterly unaudited report for the quarter ended 31 December 2025 to the Disclose Register.

Total assets reached a record $280.3 million, an increase of 42.8% on the 31 December 2024. The company also reported a quarterly net profit after tax (NPAT) of $1,076,505, an increase of 14.7% from the previous quarter and a 16.3% increase from the 31 December 2024 comparative.

As at 31 December 2025, General Finance held $48.2m in cash and cash equivalents (including bank deposits). The capital ratio, being the total capital divided by total exposures, was 15.49%. The minimum capital ratio required under the Trust Deed is 8%.

Mr. Brent King, Managing Director, commented on the results below, explaining that, as a licensed Non-bank Deposit Taker, General Finance is required to issue this report under the Financial Markets Conduct Act 2013.

"This performance is a great result for General Finance, highlighting the company's efforts in strategic planning and efficient execution. Despite the challenging economic environment, our total assets have grown 42.8%, reinforcing that General Finance is well positioned for future growth".

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https://api.nzx.com/public/announcement/466722/attachment/461359/466722-461359.pdf


ps In the announcement they say
The information can be found at www.disclose-register.companiesoffice.govt.nz..
I tried that link but it did not work for me.