Ann: 4Q24 Trading Update - Growth and strong loan performance, page-24

When covenant ratios are at like 98%, there is a high risk of a raising (as has been proven by the company). Instos would be considering this risk.

Bringing the ratios down to say 92% is a positive.

+$17m for the HY can change the ratios by 1.5%. 92% to 90.5% for example.


Or as an example, if the company decided to pay dividends (unlikely right now), $17m would be like a 25% dividend for the half year.

I guess the HY did not mention cash profit (NPAT would be more influenced by accounting rules for provisions). Wait 1 month for the annual report for that. But I'm thinking change in net assets will be somewhat reflective of cash profit.

And the change in Net Assets this half was a step up from prior halves. If that is reflective of cash profit, then it's on a strong positive trajectory.