Ann: 1H24 Results Investor Presentation, page-9

Result is as expected and as telegraphed. However, a few surprises:

1) The reduction in NIM from 12% to 10%. Magnitude of the decline suggests more than just a 'pricing for risk' adjustments as a result of writing higher quality new business;
2) Commission expense up 134% to $4.4m on lower revenue and slightly higher originations. Appear to be paying more for their growth? This, together with the lower NIM suggests increasing competitive intensity;
3) Reduced funding facilities - always the achilles heal of all 2nd and 3rd tier lenders;
4) MME took a $6m ECL provision in 2H23 (management overlay) and there is no mention of it in this result => resulted in a 2H23 NPAT of $3m and 1H24 of $6m, which appears promising, but (and asking for confirmation here) suggests a LFL decline from $9m in 2H23 to $6m in 2H24 (33% down). Does anyone know if the $6m provision was used in the 1H24 result?