I think I remember the quarterly had mentioned NPAT numbers, but...

I think I remember the quarterly had mentioned NPAT numbers, but not where the profit got directed to, or what has happened to corporate debt levels. So I'll see if the HY shows that.

10s was not long enough for me to think up a question before they closed questions. Maybe I could have asked about the corporate debt, or what the profit is being used for.





- Revenue/Net revenue are down, due to NIM falling from 12% to 10%, due to rising customer credit quality.
- But interest expense is up.
- That impacts heavily on NPBT.
- So NPBT remaining positive depends on that Impairment expense having fallen from $33m to $17m. Is that impairment expense realistic? Why would it fall so much?
- Cash NPAT appeared to be down.


- NPAT to Cash NPAT reconciliation seemed to depend on this $5m fair value gain. Is this adjustment realistic, and what does it say about the Cash NPAT. Is it reliable going forward?



More notable changes to the balance sheet:
- Cash down $20m
- Receivables up $10m.
- Borrowings down $22m.
- Net Assets up $7m (from the NPAT).

Calculate ratios:
Tangible assets (minus intangibles, minus goodwill) only to Liabilities.
2H23: liabilities 94.2% of tangible assets.
1H24: liabilities 93.4% of tangible assets.

A decent improvement. A better ratio of hard assets - borrowings fell a bit more than cash+receivables etc. And I think there were no raisings this half, so the change is from true operating performance? (Though this change still depends on the lower Impairments being accurate.)

I'll keep searching if there's mention of the corporate debt levels. I'd like to see it fall, or at least stay stable at $50m. Above only showed combined 'borrowings'.