growth in uk, page-10

Good discussion here by all. I appreciated the data point from the UK investor.

So the loan book is using up cash, and the fact that they can expand the loan book so rapidly could be good news. The question is whether this is actually profitable.

Is the "income" they are reporting actual cash income, or is it just accrued income based on hopes and wishes about what they should be receiving? On accrual terms they get to declare the income when they invoice, even if they don't get paid that quarter.

In some ways I wish the increase in loan book was being shown in the investment section of the cash flow, because then we could monitor the growth in operating cash flows against net income. Since someone here is claiming the loan book is being itemized on the cash flow (I was looking at Reuters data not original filing), and that once you remove the growth in loan book that the operating cash flow growth matches net income growth, we might be okay.