@Pioupiou is correct. When a new loan is written, there is a 18-20% upfront provision that is recognised. And then interest revenue is recognised month-by-month (or whatever the payment period is), and the provision is re-adjusted when the loan is paid back or written off.
So during a period of rapid loan book growth, the profits are suppressed by the upfront provisioning. This was mentioned in the half year report, quote: "High settlement volumes suppressed first-half segment earnings due to up-front expected life-of-loan loss provision expense."
This was exaggerated in the half because a lot of the loan book growth came in Nov and Dec. So you had the upfront 18-20% hit, but only 1-2 months of interest repayments for the new loans written.
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It's always been this way. I present you a post I made over 6 years ago:
https://hotcopper.com.au/threads/wheres-the-ccp-growth-coming-from.2517121/page-3?post_id=15303272
(20min delay)