Looks like loan loss provision expense went from ~20m (1H22) =>~12m (2H22) =>~35m (1H23) so a decent chunk of the YoY reduction is due to this provision.
They have really ramped up that consumer loans business mainly due to fewer PDLs to purchase, but we may be at an inflection point as credit card debt is increasing and institutions would want to offload problem payers.......probably another 6-12 mths in that cycle and they have pushed hard in the consumer lending space (lets hope with prudent/conservative lending criteria else those losses will eventuate).
They are saying lending NPAT will go from ~4m in 1H22 to 25-30m in 2H22 which seems insane, but that why they are counting on FY23 being broadly in line with earlier forecast (no major change to US/AU PDL business). hmmmm
Ann: Credit Corp Group H1 of 2023 Media Release, page-6
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