Retiring Latitude Financial chief executive Ahmed Fahour says other non-bank lenders will struggle under the weight of drastically higher funding costs, with the sector’s focus now shifting to profitability over growth at all costs.

Reporting an interim cash profit after tax of $93 million, down 11 per cent on the first half of 2021 and 2 per cent versus last half, Mr Fahour said Latitude remained well-capitalised with a $2 billion buffer to ride out the current funding storm. Its shares ended down 0.9 per cent at $1.58 on Friday.