AFG has faced a similar position to a lot of smaller lenders on the ASX.
Higher funding costs at the same time they pulled back on lending either due to managing credit risk or too intense competition.
The common theme I've seen is that we've been past the worst point & the tide is turning all be it slowly. I don't expect a 'V recovery' but a 'U recovery' starting in H2 but not getting any significant traction until FY25, the timing of which depends on interest rate cuts.
DPS forecast for H2 was 4.8c, up 20% from H1. It'll be interesting to see what changes are made to that based on these results.
Further NIM weakening (on average) vs H1 offset by significantly increased volumes.
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