Ann: Appendix 4E and Annual Report, page-3

Yes, it is pretty good work on the controlling costs, and this business is priced very cheaply indeed.
If I had to guess why, it would be that the "Services" business has markedly tailed off in the last three years - although it is unfair to take 2021 as a 'real' figure given Jobkeeper and various other initiatives to keep the wolves from Debtors' collective doors.



The growth in lending (both the loan book and margin) and profits as a whole is a much prettier picture though - and you'd imagine this will pick up again post COVID.






In this market, I reckon 7x earnings is an absolute steal. Hope they go hard on buybacks.