More important than my education in all matters financial was what I was trying to make a judgement on (being completely unqualified in this area!)
Given that the Personal loans are not non recourse loans and go back to the company I was trying to understand what risk is in this loans book.
Looking at the table on p37 of the Annual Report -AGEING ANALYSIS - PERSONAL LOAN ASSETS
My read is in 2017 we had $35m in car loans and were accounting for $126907 not being paid back.
In 2018 we have $48m in car loans and were accounting for $732737 not being paid back.
This gives a 2018 arrears rate at 1.5%.
Is this realistic and is it an accurate representation of the strength of the loan book?
Using the figures for 31-60 days overdue:
In 2017 there was $210531 overdue with a zero allowance made (0%)
In 2018 there was $342403 overdue with a $199520 allowance made (58%)
For 61-90 days overdue:
In 2017 there was $219846 overdue with a $46046 allowance made (21%)
In 2018 there was $134057 overdue with a $93865 allowance made (70%)
What are these figures telling me and how should I judge the strength of the Personal Loan Book?
Given that we are looking at increasing the pool to $75m I want to be comfortable that this division is not hiding any nasty surprises!
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