credit losses increased (and I think the change in methodology...

credit losses increased (and I think the change in methodology probably favours that number when they use YTD loss with 1H being lower), and not sure about the seasonality point (people fall behind loan payments after xmas??), but it seems steady as she goes although the reduced margins are going to hurt if the credit losses start increasing.

Should still be able to generate a NPAT of ~8-10m for the year (conservative estimate) and they now seem to have some decent headroom to grow their loan book (well subject to them co-investing so that 667m number is probably not available based on MME's existing free cash balance), but it does seem like there is opportunity there to grow subject to economic conditions being favourable (although rate cuts are seemingly now pushed back further so looks like at least another 9 mths before there is relief from that side)