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Credit Corp Group Limited (ASX: CCP) Share Price and News

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Credit Corp Group Limited (CCP) is Australia’s largest debt buyer and collector, providing financial services in the credit-impaired consumer segment. The company operates 2 key divisions: debt buying and lending. 

Its core business is debt buying, in which Credit Corp purchases defaulted consumer debts from major banks, finance companies, telcos and utility providers in both the ANZ and US regions. From here, Credit Corp works with these consumers to develop a payment plan. On the lending side, Credit Corp provides consumer loans through brands such as Wallet Wizard and ClearCash.

Founded in 1992, Credit Corp shares have been listed on the ASX since 2000. Over the decades, the Credit Corp share price has been trending upwards, but as a credit company, its shares took a big hit in the wake of the GFC and COVID-19.

Credit Corp Group Limited (ASX: CCP) Latest News

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Will Credit Corp Group pay a dividend in 2020?

Credit Corp Group has paid twice yearly, fully franked dividends every year since late 2001, the year following its initial listing on the ASX. The company paid an interim dividend of 36 cents per share on 13 March 2020 and typically pays its final dividend between August and November. Due to uncertainty surrounding the impacts of COVID-19 on its business, Credit Corp Group withdrew its FY2020 earnings guidance on 20 March 2020. The company also completed a $120 million capital raising in April 2020 to allow it to continue providing its debt purchasing services through a period of significant downturn. At the time of announcing the capital raising, Credit Corp did not make any specific statements regarding its intention to pay a final dividend. It did, however, highlight that depending on the profitability and liquidity of the business, the Board may, at its discretion, decide to reduce or cease paying dividends from time to time.   

Does Credit Corp Group offer a DRP?

No. As at June 2020, Credit Corp does not offer a dividend reinvestment plan.