Agree with comments as made above but urge caution when extending these ITSA numbers to a likely NPAT increase.
I believe we will see a pronounced slow down in the home finance division due to aggressive actions of majors and churning. I wouldn't be at all surprised if the book actually declined marginally.
Also, the factoring division had a major reversal in 2HFY11 and this wont be easy to turn around.
On the buy back...could the lack of activity in recent weeks have anything to do with the fact that many financiers are only returning to work next Monday!
FSA is a real conundrum and I scratch my head as to what are the SP catalysts...I suspect it is the establishment of a genuine consistent dividend policy and greater delivery of free cash flow.
Until we get some momentum, this is looking like a classic value trap. Hope not as I've accumulated a few of these.
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