I think you can't say much about actual financials so it is...

I think you can't say much about actual financials so it is really about the top level business trends:
- Originations up.
- Book down. I think this is because they are not renewing lending to the higher risk borrowers. Those loans tend to repay faster.
- Credit losses stable/marginally down. That is good, but as they transition to a less risky book, NIM will also decrease whilst losses are more likely to occur for loans that remain sticky on their book. So there will be noise in that transition. So ti will be difficult to read the net NIM (after losses) for some time I think.
- Not much info on financing facilities. I tend to think that while SP is still very depressed, they are remaining under pressure as these facilities include financial covenants. If they can keep a lid on losses and convince their funders they are derisking, then I think they will be ok.
- Costs down. But must wait for actual financials to see the details. That would be great.
Still think this is a positive update, better than Wisr, not as good as Plenti.