The whole rationale for going up the credit scale is not based on the NIM. In effect it"s the NIM less bad debts that's the measure. So SVR can make a lower NIM but still a higher EBITDA due to lower bad debts. Of course it'll take a while to filter through as the old lower credit customers are much more likely to be defaulting in the current environment.
SVR Price at posting:
$1.56 Sentiment: Buy Disclosure: Held
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