Helia Group's (ASX:HLI) first-half 2026 result reflects continued runoff from lost lending customers, particularly CBA, alongside competition from the Federal Government's First Home Buyer Guarantee Scheme, according to a Thursday Jefferies note.

The company logged AU$0.385 in underlying earnings per share for the first half, compared with AU$0.46 a year ago, a Tuesday filing showed.

The runoff was partly offset by capital management initiatives as capital releases begin to accelerate, the note added.

The result was supported by better cost management and lower acquisition costs on new business, the investment firm added.

Jefferies maintained a hold rating on Helia and increased its price target to AU$5.24 from AU$4.90.